The Dogecoin price has risen by 28% in the last seven days and 7% in the last 24 hours, while Shiba Inu has gained 6% in the last seven days and surpassed Avalanche in market cap rankings.
The recent performance of Dogecoin and Shiba Inu has raised speculation that the meme coin season might be back, reminiscent of the 2021 bull run when meme coins saw significant price increases.
Analysts predict that Dogecoin's price could outperform Bitcoin in the current meme coin season, as both coins continue to outperform Bitcoin in year-to-date gains.
Dogecoin's recent price gains have helped it catch up to other top meme coins like Dogwifhat and Pepe, while Shiba Inu has surpassed Avalanche and aims to enter the top 10 cryptocurrencies by market cap.