The current bull run in the crypto markets is anomalous: this also emerges from the comparison between the price trend of Bitcoin and that of the main memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB).
As often happens, when there is FOMO the prices of memecoins move more, but in the last week Bitcoin has returned to shine especially.
The price trend of DOGE (Dogecoin)
DOGE is the cryptocurrency of the Dogecoin project, which is the first memecoin ever created.
It has been on the crypto markets since as far back as 2013, but it was only in 2021 that it had a huge boom.
Just to say that, despite the ongoing bull run, the price of DOGE is still a whopping 76% lower than its all-time high of $0.73 reached in May 2021, when Elon Musk was a guest on Saturday Night Show as the “Dogefather”.
However, considering only the bull run in progress, that of Dogecoin did not start in October, like for the crypto market as a whole, but only at the end of February.
Indeed, still at the beginning of February the price was below $0.08, which is a price similar to that of July last year.
So for now the bull run in progress on the price of Dogecoin has been going on for just over two weeks.
However, during this time the price has more than doubled, so much so that it appears to have gained 108% compared to thirty days ago.
Although this is a double percentage compared to the performance of Bitcoin in the last 30 days, it is still not even close enough to return to its highs.
The point is that 2023 was not a good year for DOGE at all, after a terrible 2022, while it only started to recover from the bear market at the end of February 2024.
Moreover, it is losing more than 7% compared to seven days ago, because the peak of this short bull run was reached on March 5, when it briefly exceeded $0.20. Now it is at $0.17.
It would take something else to bring it back close to the highs, as Bitcoin has done instead.
The price trend of SHIB (Shiba Inu)
SHIB is the token of the Shiba Inu project.
Shiba Inu was born only in 2020 as a sort of version on Ethereum of Dogecoin. SHIB also reached its all-time high in 2021, but in October.
At the time it made a simply crazy bull run, but now it is still very far from its highs (-63%).
Even for SHIB the ongoing bull run started at the end of February, almost at the same time as Dogecoin’s.
Although there are many similarities, there are some differences.
First of all, in the last thirty days it has recorded a sensational +250%, always due to the fact that its 2023 has not been good at all, after a terrible 2022.
However, in the last seven days it has recorded a -23% which clearly suggests that the one at the beginning of March was basically a speculative bubble.
It is worth noting that the current price of about 32 millionths of a dollar is much higher than the bottom of 6 millionths of the bear market, reached in October 2023 when the current bull run on Bitcoin was just beginning.
The peak of this bull run was reached on March 5th at 44 millionths, and it was a value in line with that of January 2022.
The price trend of Bitcoin: performance beaten by DOGE (Dogecoin) and SHIB (Shiba Inu) in the short term
In the last thirty days, the price growth of BTC has “stopped” at +50%.
Although this is a significantly lower percentage compared to DOGE or SHIB, it should not be forgotten that in reality the bull run of BTC started in October.
Instead, taking as a reference the increase in the last 13 months, Bitcoin rises to +250%, while Dogecoin stops at +158%, and Shiba Inu at +220%.
So while Bitcoin is going its own way, and has been performing very well for months, DOGE and SHIB simply recovered in early March the gains they had not recorded in the previous months.
Furthermore, the bull run of BTC is continuing, while that of Dogecoin and Shiba Inu has stopped seven days ago.