Memecoins Dogecoin, Shiba Inu lead the rally in crypto prices

The mem token is maintaining its gains even as bitcoin sits around $25,000 and ether hovers around $2,000 amid optimism around its upgrade, known as the merge, now expected to occur around September 15th. hopefully. Dogecoin is up about 14% over the past five days, while Shiba Inu is up by about 40%, according to pricing data compiled by Bloomberg.

After falling to around $875 billion as of June 19, according to data from CoinGecko, the crypto market has now shown some signs of recovery with a total market cap of around $1.2 trillion.

A lower-than-expected inflation print from the US last week fueled hopes that the Federal Reserve might be able to ease the pace of rate hikes, such as helping riskier assets. crypto, Ethereum is also backed after the final testing phase before the merge upgrade, which co-founder Vitalik Buterin estimates will take place around September 15.

The merge represents a transition in how Ether tokens are mined and transactions are validated, away from mining blocks using complex computational puzzles under the proof-of-work method and towards proof-of-stake . Under the PoS method, Ether holders can sign up to validate transactions on Ethereum based on the storage of locked tokens.

The cryptocurrency struggled through the first half of the year, with the prices of bitcoin, ether and other tokens falling by more than 50% as the Federal Reserve stubbornly raised rates to counter high inflation. Following the collapse of a large pair of tokens, some cryptocurrency lenders halted customer withdrawals, and many crypto firms cut jobs. The price has partially corrected, with bitcoin up 17% in July.

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