Dogecoin and another dog-themed token Shiba Inu have been outperforming bitcoin and ether, but investors should remain cautious, a crypto trader and a market strategist warned.
As cryptocurrencies bounced back from the June lows this year, meme coins have outperformed bitcoin and ether for the past few days, prompting some investors to ask if the risk-on plays are back in favor.
The surge of meme coins also coincided with the bounce of some meme stocks, such as Bed Bath and Beyond BBBY, -40.54%, which jumped 98% over the past five days. “It’s under the backdrop of kind of a technical August that’s almost susceptible to this kind of retail biplot having an outsized price impact,” Farrell said.
Joel Kruger, market strategist at LMAX, echoed the point. The rise of dog-themed tokens are driven by a combination of factors, including the stabilization in bitcoin and ether, an uptick in global market sentiment and enthusiasm around the upcoming Ethereum upgrade, according to Kruger.
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