Dogecoin Up 19%, Shiba Inu Surges 32% In September: What's Next For The Meme Coin Leaders?

After a strong resurgence in September, Dogecoin DOGE/USD and Shiba Inu SHIB/USD seem set for an even stronger performance in October.

What Happened: Elon Musk, a vocal supporter of Dogecoin, on Saturday tweeted an AI-generated picture of him and Donald Trump with an image of the Dogecoin dog and the inscription "Department Of Government Efficiency." Musk has mentioned "D.O.G.E." several times already, teasing the Dogecoin community.

In the beginning of September, Musk was cleared of all charges related to Dogecoin market manipulation. He joked about making DOGE the official mascot of the D.O.G.E. agency.

Dogecoin developer Shibetoshi Nakamoto said on Sunday that he is not aware of why Dogecoin is up 20% in one week.

On the other hand, Shiba Inu’s marketing lead announced that “Shib The Metaverse” will launch in the foreseeable future, hinting at a virtual playground that's way more than just a hangout spot

Shiba Inu's burn rate increased by 320.3% since the last burn transaction of 6.9 million SHIB coins, according to Shibburn data. This takes the total coins burned to 10.3 million over the past 24 hours.

Also Read: If You Invested $1000 In Bitcoin, Dogecoin, And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today

Why It Matters: Total meme coin market capitalization currently stands around $54 billion, with Dogecoin, Shiba Inu and Pepe PEPE/USD occupying the top three positions. They are up 18.6%, 31.9% and 39.3% over the past 30 days, respectively.

A close look at the performance chart shows that a major portion of the gains have come in the week starting Sep.26.

In addition, Shiba Inu has seen the announcement of a SHI stablecoin and the launch of its highly anticipated liquid staking platform, K9 Finance on the Shibarium network in September.

Shibariumscan data shows new accounts spiking from 20 to 156. IntoTheBlock data shows large transaction volume decreased by 54% and daily active addresses fell by 30.7% over the past 24 hours. On the other hand, Dogecoin's large transaction volume declined by 47.7% and daily active addresses increased by 2.6% in the same time frame.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Dogecoin Up 6%, Shiba Inu Surges 14%: What’s Going On With The Meme Coin Kings?

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