Shiba Inu and Dogecoin jumped on this weekend because there is an increased enthusiasm in the market. Especially now, when there are lots of rumours about a crypto game and Ethereum is pushing toward its new software upgrade.
Shiba Inu is up almost 40% in a day
The crypto winter may finally be over for the most two popular dog-themed tokens. Shiba Inu leads the charts with an almost 40% gain, according to the price data shared by coinmarket. This is followed by Dogecoin which is up about 14% over the last 7 days. These 2 meme tokens are gaining momentum even as Bitcoin sits near $25,000 and Ethereum gravitates around $2,000.
What are the forces pushing the coin value up
Shiba Inu online game
In recent days, Shiba Inu fans, also known as Shibarby, have announced details about a new online video game. This is based on the coin and they are calling it Shiba Eternity. The initial announcement was made by Shytoshi Kusama. He is Shibarmy’s main influencer. Immediately, after this major news, people from Vietnam started posting videos of themself while playing the game. Apparently, this was released in the country for testing.
The game, Shiba Eternity, is an online card-based battle game. It’s quite similar to blockchain games like Axie Infinity. According to Kusama, the game will be launched on mobile before releasing it on the blockchain.
Other people say the meme coins bull run is more related to the crypto giant Ethereum, which provides the blockchain base for Shiba Inu. The developers announced that the long-awaited upgrade is scheduled around mid-September. The news was released after a major technical test was passed successfully. And this pumped the price up to its current value.
Meme coins are highly volatile
At the same time, it’s important to remember that meme coins are incredibly volatile. SHIB saw its all-time high of $0.00008 in October 2021 after a meteoric rise from $0.000007911 in less than a month. During those times, some traders cashed out their savings and made millions. But others lost their life savings.