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Why are Dogecoin, Shiba Inu and PEPE Surging? What’s Behind the Price Increase?

The most recognizable memecoins of the cryptocurrency market, DOGE, SHIB, and PEPE, are on the rise. So what is the reason behind the rise?

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Some of the most popular meme coins in the cryptocurrency space have recorded price increases over the past few hours, outperforming Bitcoin and most altcoins.

According to Santiment, a crypto analytics platform, Dogecoin, Shiba Inu, Apecoin and Pepe are among the projects that are experiencing an increase in demand and value.

According to Santiment, at the time of this writing, Dogecoin (DOGE) is up 2.25% at $0.0771, Shiba Inu (SHIB) is up 8.42% at $0.00001088, Apecoin (APE) is up 8.82% at $2.01 and Pepe (PEPE) is up 7.42% at $0.000001327. .

Santiment says these memecoins started bottoming on Wednesday and have been showing good signs of life ever since. The platform suggests that there may be a coordinated effort by some traders and/or groups to raise the price of these four well-known memecoins, especially as the weekend begins.

Chart showing the daily rise experienced in SHIB price.
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However, Santiment warns that these fluctuations may not last long, as they are often associated with crowds' greed and/or boredom. The platform notes that there has been no significant social volume growth for these meme coins, which may indicate a lack of awareness or interest from the mainstream crowd.

*Not investment advice.

Buradaki Yorumlardan Bildirim Al

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