Prices for Meme Cryptocurrencies Shiba Inu and Dogecoin Are Surging As Ethereum’s Upgrade Nears

Retail investors are blindly buying meme coins again as a major Ethereum software upgrade nears.

Doggy coins are back. Jaycee Xie/Unsplash

Dog-themed meme coins are having a comeback after losing more than 80 percent of their value in the past year. Shiba Inu coin, or SHIB, surged 30 percent on Aug. 14 to a three-month high of $0.00001774. Its rival meme coin, Dogecoin, popped 8 percent the same day to $0.082, closing the week 14 percent higher.

The rally was apparently fueled by investor excitement ahead of Ethereum’s “Merge” event in September, a major software upgrade that’s expected to reduce the energy consumption of cryptocurrency transactions on the Ethereum network.

Both Dogecoin and Shiba Inu are Ethereum-based cryptocurrencies created in 2013 and 2020, respectively, as a joke to make fun of how easily meaningless digital coins could get investor attention.

After last week’s rebound, Dogecoin now has a market cap of $10 billion, putting it back into the ranks of top ten cryptocurrencies by market value. Shiba Inu is now the 12th largest cryptocurrency with a market cap of $9.3 billion. But both cryptocurrencies are still more than 80 percent below their all-time highs in 2021.

Prices for Meme Cryptocurrencies Shiba Inu and Dogecoin Are Surging As Ethereum’s Upgrade Nears