In March, the cryptocurrency market saw a huge surge in the popularity of meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).

Initially driven by excited communities and viral social media trends, these coins and tokens now aim to establish themselves within a more stable cryptocurrency ecosystem. Moreover, various upcoming events in the market create favorable conditions for these meme coins and tokens.

Favorable market winds for breast coin!

The upcoming Bitcoin (BTC) halving has historically coincided with the Bitcoin price increase. It has had a significant impact on the entire cryptocurrency market. It also creates advantages for meme coins like SHIB and DOGE and other coins on the bull.

Furthermore, regulatory approval for a US-based Ethereum (ETH) spot ETF attracts institutional investors to the market. As a result, this capital positively affects the value of meme coins. Lower entry points compared to well-known coins may seem more attractive to new investors.

The challenges of breast coin growth!

However, achieving a market capitalization of $25 billion by 2024 is a significant challenge for coins.

Volatility in the crypto market remains a significant obstacle. Unpredictable market changes can destabilize the price of these coins and limit market capitalization growth.

Shiba Inu (SHIB)!

Shiba Inu currently has a market capitalization of $13.56 billion. A significant drop compared to its October 2021 high of $43.51 billion. Shibarium’s development is continuous. SHIB’s layer 2 blockchain network has the potential to improve transaction speeds and lower fees. Furthermore, the improved functionality, together with a strong community of supporters, contributes to the growth in SHIB’s future market capitalization.

The negative stock market sentiment for SHIB last week suggests a potential shift in investor sentiment towards accumulation. The shift to self-custody methods is bullish as it reduces immediate selling pressure with buyers opting for long-term storage solutions. The development of Shibarium and the burn rate of SHIB is the turning point. More than 4 million blocks on the network show active usage. Moreover, the significant increase in daily transactions shows the growing demand for the meme coin. SHIB burn rate increased by almost 50,000%, removing millions of tokens from circulation, making it less and potentially increasing its value over time as the supply decreases.

Dogecoin (DOGE)!

Dogecoin currently has a market capitalization of $23.2 billion, which is down a lot from its high of $46.14 billion in May 2021. Moreover, DOGE’s association with influential figures such as Elon Musk continues to generate interest. Furthermore, the use of Dogecoin as a payment method affects its price and market capitalization. Similar to SHIB, DOGE’s track record shows the possibility of reaching $25 billion in 2024. As a result, their ability to create active use cases will influence their long-term market potential.

Both coins started January with a slight decline but have made a significant recovery. As of April 15, SHIB is up 116.55% year-to-date, while DOGE is up 74.14%. In other words, this year has been an interesting one for both SHIB and DOGE.