Meme Coin Rally Gains Momentum as SHIB and DOGE Surge

The meme coin sector has seen significant gains, with Shiba Inu (SHIB) and Dogecoin (DOGE) leading the way. SHIB has reached $0.00000606, while DOGE restored to $0.095, resulting in a combined gain of over 5% for both coins.

The surge in meme coin prices has been attributed to the recent peace truce in the crypto sphere and declining gas prices. This relief rally has boosted the market, with the meme coin sector now valued at $35 billion in market cap.

According to technical analysts, Dogecoin is currently trading within a descending triangle pattern on its 4-hour chart. If DOGE breaks out of this triangle, it could see a potential 29% hike to $0.128, establishing a new quarterly high.

Shiba Inu's burn rate has also increased significantly, with the SHIB Army removing nearly 20 million tokens from circulation in recent days. However, for this deflationary tactic to be effective, it needs to be matched with market demand, which is currently lacking. The 24-hour trading volume count for Shiba Inu stands at $147 million, a relatively small figure compared to Dogecoin's $1.8 billion.