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Canine-themed meme tokens such as ELON, SHIB, and DOGE have seized ownership of the economy, while Bitcoin remains below $57,000 and Ethereum remains over $4,000.
Cryptocurrency markets awakened to an altcoin bonanza, with a handful of meme coins, as well as some of the more proven campaigns, staging double-digit rallies, while Bitcoin (BTC) price slowly recovers to $57,000.
The most talked-about event in the crypto industry and on social media is the proliferation of dog-themed tokens inspired by Dogecoin’s latest mega rally (DOGE). DOGE’s more than 20,000 percent surge has stunned valuation holders around the globe, and even Bitcoin maximalists and equities traders are perplexed, considering that DOGE was founded as a mere joke.
While DOGE has fallen by 40% after hitting an all-time high of $0.74 on May 8, other canine-themed tokens have leapt ahead of the pack to claim the lead while Dogecoin rests.
Shiba Inu (SHIB) demand has been so high that investors have flooded the Binance system with deposits, forcing the top exchange to run out of deposit addresses, whilst the Binance Smart Chain-based Australian Safe Shepherd (ASS) token has gained more than 400% in 24 hours. Dogelon Mars (ELON), which was influenced by Elon Musk, has now risen 170 percent.
Although Ether (ETH) remains above $4,000 as bulls successfully protect against any major step to the downside, EOS, the once-heralded ‘Ethereum Killer,’ has seen its price increase by more than 40% since Block.one reported that it had raised $10 billion in financing for the construction of an EOS-based cryptocurrency exchange named Bullish Global.
Other prominent altcoin increases include a 35% increase in the price of Yearn.finance (YFI) to a new all-time high of $77,041 and a 20% increase in the price of Reef (REEF) to an intraday high of $0.508.
The total cryptocurrency market cap is currently $2.449 trillion, with Bitcoin dominating at 42.8 percent.