Dogecoin Price Rockets 28% To Cross $0.17, Shiba Inu Surpasses Avalanche, Is Meme Coin Season Back?

The Dogecoin price is among the best performers following this recent crypto market rally. Meanwhile, Shiba Inu has closely followed behind and has even flipped Avalanche in the process. This development has led to discussions that the meme coin season might be back. 

Dogecoin Price And Shiba Inu In The Spotlight

The Dogecoin price and Shiba Inu are in the spotlight as they are among the top gainers following the recent market rally led by Bitcoin, which is eyeing its current all-time high (ATH) of $73,000. For context, DOGE has risen 28% in the last seven days and 7% in the last 24 hours. Shiba Inu has also enjoyed a price gain of 6% in the last seven days and has flipped Avalanche to become the twelfth largest crypto by market cap. 

The Dogecoin price and Shiba Inu’s performance have led to talks that the meme coin season might be back. It has also brought back memories of the 2021 bull run when the foremost meme coins enjoyed unprecedented price tallies. The Dogecoin price rose by over 26,000%, and Shiba Inu’s price surged by over a million percent. 

With the Bitcoin price eyeing a new ATH, there is a likelihood that the meme coin season is again set to click into full gear. Moreover, this cycle has been widely referred to as the meme supercycle, in which these categories of altcoins are the leading narratives. Based on this, crypto analysts like Crypto Kaleo have predicted that the Dogecoin price will outperform Bitcoin. 

Indeed, thanks to this meme coin season (or supercycle), the Dogecoin price is already outperforming the flagship crypto in this market cycle. DOGE is up 95% year-to-date (YTD), while the Bitcoin price boasts a YTD gain of 71%. Shiba Inu is also outperforming Bitcoin with a YTD gain of 84%. 

DOGE’s Time Might Be Now

The Dogecoin price suffered a slow start during the meme coin season earlier in the year, while other memes like Dogwifhat (WIF) and Pepe (PEPE) were recording massive gains. However, Dogecoin has made up for that slow start with its recent price gains these past few weeks, seeing how it has outperformed these other top meme coins during this period. 

Two weeks ago, the Dogecoin price rose 30% in seven days. This price surge was primarily thanks to Elon Musk, whose Department of Government Efficiency (D.O.G.E) looks set to come to life with Donald Trump likely to become the next US president. Musk’s coining of the term ‘D.O.G.E’ is seen as an indirect way of him supporting the foremost meme coin. 

Therefore, the Dogecoin bull run could kick into full gear if Trump wins and Musk goes ahead with D.O.G.E. Meanwhile, Shiba Inu is also making waves of its own, thanks to the team’s efforts. The meme coin has flipped Avalanche and is currently on the heels of Cardano and Toncoin to break into the top 10 cryptos by market cap. 

Featured image created with Dall.E, chart from Tradingview.com