Dog-themed meme coins led by Dogecoin have seen their prices skyrocket in the last seven days thanks to several favorable factors. On Sunday, DOGE topped at $0.29 for the first time since October 2021.
Why Dogecoin and Other Dog-Theme Meme Coins Are Rallying
Dog-themed meme coins started to rally when news broke that the Republican Party had control over the House and the Senate. Investors now hope that Congress will propose and pass crypto-friendly policies, creating a favorable environment for risk assets.
Another factor that has boosted investor confidence over the past few days is the Federal Reserve’s decision to reduce interest rates by 25 basis points. As interest rates continue to decline, traditional investments will likely become less appealing, forcing investors to explore other alternatives like cryptocurrencies.
It is worth highlighting that Dogecoin has seen more gains than other meme coins as investors anticipate the formation of the Department of Government Efficiency (D.O.G.E), to be led by Dogecoin’s fan and billionaire Elon Musk. According to his tweets, Musk touts D.O.G.E as an authority that will minimize government spending and reduce the US debt.
Shiba Inu Mirrors Dogecoin’s Performance, Surges 21%
Besides Dogecoin, Shiba Inu is another Dog-themed meme coin that has witnessed a significant price increase. Created by pseudonymous developer Ryoshi, SHIB has surged 21% to trade at $0.00002522, according to data from CoinGecko. Notably, it has flipped TRON to become the eleventh-biggest cryptocurrency by market cap.
Unlike many other meme coins lacking utility, Shiba Inu powers its ecosystem, which includes an NFT project and a decentralized exchange called ShibaSwap.
Floki Inu’s Market Cap Reaches $1.8 Billion Following a 19% Rally
Meanwhile, the Floki Inu meme coin has rallied 19% today, with its market capitalization crossing the $1.8 billion mark. It is trading at $0.0001772, down 48% from its all-time high of $0.00034 set in June 2024.
Inspired by Musk’s puppy named Floki, the meme coin has become a utility token following the launch of its metaverse game, NFT marketplace, and a crypto education platform.
Other dog-themed meme coins that have surged in the past day include Dogelon Mars and Baby Doge Coin, up 16% and 10%, respectively.
