Will Shiba Inu and Dogecoin Propell an Altcoin Season?

Paigambar Mohan Raj
Shiba Inu Might Follow Dogecoin’s Rally Trail, Says Analysts
Source: MARCA

The crypto markets are breathing a sigh of relief as Bitcoin (BTC) inches closer to $30k once again. BTC has seen gains of up to 7.9% in the last 24 hours and 11.3% on the weekly charts. Popular memecoins, Shiba Inu (SHIB) and Dogecoin (DOGE), however, have only registered gains of 2.2% and 3.4%, respectively, in the last 24 hours.

Shiba Inu (SHIB) and Dogecoin (DOGE) aside, other altcoins are also seeing a healthy rally. Ethereum (ETH), the second largest crypto by market cap, is up by 5.2% in 24 hours. Cardano (ADA), on the other hand, is up by 7% in 24 hours, while Solana (SOL) is up by 5.6% in the same time frame. Polygon (MATIC) has also made a notable gain of 6.4% in the daily charts.

Will Shiba Inu and Dogecoin usher in an altcoin season?

Comparing the altcoins with the memecoins, we can see that SHIB and DOGE have gained very little compared to the top altcoins. The memecoin season started with the launch of Pepe (PEPE), which then went on to rule the charts for a brief period of time. Other memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) also benefitted from the memecoin rally phase. However, the period was short-lived.

According to Blockchaincenter.net, we are still in a Bitcoin (BTC) season. As per the platform’s data, we were last in an altcoin season from early August to mid-September last year. The site notes that we entered Bitcoin (BTC) season in early April, and are still in the same territory.

Source: Blockchaincenter.net

Additionally, the current market sentiment is most likely driven by BlackRock’s application for a spot Bitcoin (BTC) ETF (exchange-traded fund). Therefore, the original crypto still holds the reins to the current market rally.

At press time, Bitcoin (BTC) was trading at $28,892.48, down by 0.1% in the last hour. On the other hand, Dogecoin (DOGE) was trading at $0.063961, down by 0.1% in the last hour, and Shiba Inu (SHIB) was trading at $0.00000731, down by 0.2% in the same time frame.