• Dogecoin (DOGE) and Shiba Inu (SHIB) have both seen a surge in price, with DOGE reaching an intraday high of $0.089 and SHIB reaching $0.000012.
• SHIB has been the biggest token position and most traded token of the 100 largest ETH whale wallets, according to WhaleStats, and has seen nearly $1.1 billion traded on decentralized exchanges (DEXs).
• The excitement in the SHIB market is not unrelated to the recent unveiling of details of its upcoming layer 2 protocol, Shibarium, which will include a dedicated SHIB burning portal.

Dogecoin (DOGE) and Shiba Inu (SHIB) are two of the top memecoins in the crypto market, and in the last 24 hours, they have seen record-breaking gains in their prices. DOGE has seen an increase of 13% over the week, reaching an intraday high of $0.089, and SHIB has seen an increase of 20% in the last 24 hours, and 38.7% on the weekly chart, with its current price at around $0.000012.

The surge in the prices of these memecoins is largely due to the bullish announcements they have welcomed into their ecosystems. SHIB has been the biggest token position and most traded token of the 100 largest ETH whale wallets, according to WhaleStats, and has seen nearly $1.1 billion traded on decentralized exchanges (DEXs). This indicates that the interest in the coin is not only limited to retail investors, but also large-scale investors.

The excitement in the SHIB market is not unrelated to the recent unveiling of details of its upcoming layer 2 protocol, Shibarium. This protocol will have a dedicated SHIB burning portal, which is seen as a positive addition to the SHIB ecosystem. This platform, once launched, will enable SHIB holders to burn their token and receive rewards in the form of SHIB tokens that are pegged to the US dollar. This burning portal, along with other bullish announcements, is what is driving the prices of DOGE and SHIB higher.

Overall, the memecoins have seen great success over the past few days and it looks like the prices of DOGE and SHIB are only going to increase in the near future. This is great news for both retail and institutional investors, as it suggests that the memecoins are here to stay and could act as a great opportunity for investors to make a profit.

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