The market cap of Dogecoin, Shiba Inu, and Dogelon Mars has been inflating and deflating in tandem since the last quarter of 2021. Even though the magnitude has not remained even throughout, the directional bias has more or less been the same.
Over the past day too, all the three coins have witnessed modest 1%-2% rallies each. However, Dogecoin remained to be a clear winner in the weekly time frame.
Dogecoin’s “a-dog-able” week
Well, Elon Musk and his Twitter shenanigan was the typical highlight of the week. After the 9.2% ownership details started doing the rounds along with the announcement of the ‘Dogefather’ joining the social networking platform’s board, Dogecoin started leaping on its charts. The speculated twitter jar launch hype propelled the coin’s rally even further.
Well, Elon didn’t just stop with that. Just a day back, Elon Musk’s Tesla formulated an event called ‘Cyber Rodeo’ at Gigafactory Texas in Austin. During the event, Musk showcased his fondness w.r.t. the dog-themed crypto by creating a giant Dogecoin, with the help of drones, in the sky.
Apart from that, technicals too remain in favor of DOGE and analysts continue hoping for even further bullish days ahead.
Shiba Inu: All bark, no bite?
Well, a set of events have taken place in the Shiba Inu ecosystem as well. Its burn movement, for instance, managed to lure new supporters. Right before that, the token was added to the Bitcoin of America ATMs. In fact, it also went on to make its debut at a food park.
Nonetheless, no event/announcement/revelation, in particular, could act as a catalyst and send the token out on bail from its consolidation jail.
It, however, shouldn’t be forgotten that the community has been preparing for its mega early access land bid event. The same is set to take place during the weekend. Once the event kickstarts, perhaps, “all bark, no bite” can successfully flip back to “all bark, all bite.”
Dogelon’s “ruff” patch
Dogelon Mars has been “dreaming” quite a bit of late and does aspire to go:
Things have, however, been quite humdrum on, both, the announcement and the price front. However, it is worth recalling that the token managed to seamlessly thrive in the latter half of March, and on multiple occasions, it was ahead in the race when compared to its Dogecoin and Shiba Inu counterparts. In fact, by the end of the month, it even managed to eliminate a zero post point from the price.
Well, like Shiba Inu, Dogelon too was a victim of consolidation and looks like it’s time to “fur-get” week 14. But, before moving on, it should be noted that despite the gloomy state of its market, the number of HODLers in Dogelon’s ecosystem continued rising, giving the community something to rejoice about.
Well, interest with respect to meme-coins has been on the rise of late, irrespective of their price reaction. Two of the top 5 searched coins in the U.S. remain coins from the meme category.
In fact, even on the broader landscape, the social mentions have been able to flash striking numbers. Per Santiment, this metric, for all three tokens—Dogecoin, Shiba Inu, and Dogelon Mars—has been taking turns and peaking of late, re-highlighting market participants’ proclivity towards coins from the meme-boat.
In any sport, collective team performances matter more than any individual player’s performance. The “dog of the match” award might have definitely gone to Dogecoin this week, but it shouldn’t be forgotten that the other two tokens had their own hits, and misses, too. On the whole, they managed to collectively put up a match-winning show this week.