Meme tokens shiba inu (SHIB) and dogecoin (DOGE) gained over 15% in the past 24 hours as risk-on behavior returned to crypto markets.
The rally came as ether (ETH) broke the $2,000 level on Sunday night ahead of the network’s Merge event expected in September. Bitcoin (BTC) rose to over $25,000 for the first time since June.
SHIB rose as much as 30%, while DOGE gained 15%, before a price reversal in European morning hours as investors took profits. DOGE entered the top ten cryptocurrencies by market capitalization with a total valuation of just over $10 billion, ahead of Polkadot’s DOT token.
Price charts show SHIB saw resistance at the $0.00001744 mark, where it has previously seen price reversals. Selling pressure could see prices drop to Saturday's $0.00001277 level, where the tokens previously had resistance.
SHIB show reversal at previous resistance levels. (TradingView)
Story continues below
Recommended for you:
The gains could be attributed to irrational exuberance as no notable catalyst drove a rally in the two tokens at the time of writing. Futures tracking the two currencies saw over $25 million in liquidations, data shows, suggesting part of the rally was led by futures bets instead of spot.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.