Memecoins Dogecoin and Shiba Inu saw price increases over the past day amid a general uptick in retail investor interest, particularly as Ethereum moves toward its eagerly awaited software upgrade. Shiba Inu price today increased by over 34% to $0.000017, while Dogecoin price increased by over 10% to $0.08 today.
With its overall market valuation currently at about $1.2 trillion after falling to about $875 billion as of June 19, the cryptocurrency market has begun to show some signs of recovery, according to statistics from CoinGecko.
The anticipation surrounding its upcoming update, known as Merge, which is now anticipated around September 15, has caused the meme tokens to stay onto their profits even as Bitcoin hovers around $25,000 and Ether hovers around $2,000 According to pricing information gathered by Bloomberg, Shiba Inu has increased by about 40% while Dogecoin has increased by roughly 14% during the last five days.
Last week’s lower-than-anticipated US inflation readings raised hopes that the Federal Reserve could be able to slow the tempo of rate increases, supporting riskier assets like cryptocurrency. Following a final test phase prior to the Merge update, which co-founder Vitalik Buterin predicts will take place around September 15, Ethereum has also been supported.
Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation, with the prices of Bitcoin, Ether and other tokens falling by more than 50%. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Prices have partly recovered, with bitcoin gaining 17% in July.
The Merge represents a transition in how Ether tokens are minted and transactions are validated, away from mining blocks using complex computational puzzles under the proof-of-work method and toward proof-of-stake. Under the POS method, Ether holders can sign up to validate transactions on Ethereum based on stashes of locked up tokens.
News Summary:
- Dogecoin and Shiba Inu memecoins are increasing cryptocurrency values
- Check all news and articles from the latest Business news updates.
