Dogelon Mars, Shiba Inu and Dogecoin Accept the lead as Bitcoin consolidates

Canine-themed meme tokens like ELON, SHIB and DOGE have taken charge of this market while Bitcoin consolidates below $57,000 and Ethereum holds above the $4,000 mark.

Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, together with some of the more recognized projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers into the $57,000 degree.

The largest event producing conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (DOGE). The more than 20,000% rally from DOGE has shocked worth investors across the world and many Bitcoin maximalist and equities traders are scratching their heads , provided that DOGE was initially created as a simple joke.

While DOGE has experienced a 40% pullback considering reaching an all-time large at $0.74 on May 8, other canine-themed tokens have jumped out ahead of the bunch to take the lead whilst Dogecoin requires a breather.

Demand for Shiba Inu (SHIB) has been so extreme that buyers defeated the Binance system with deposits, inducing the top exchange to run out of deposit speeches , while the Binance Smart Chain-based Australian Safe Shepherd (ASS) token has gained more than 400% in 24-hours.

Even though Ether (ETH) continues to hold the $4,000 level as bulls successfully defend against any significant move to the downside, EOS, the once touted'Ethereum Killer', has seen its cost spike over 40% following Block.one declared that it'd secured $10 billion in financing for the creation of an EOS-based cryptocurrency exchange known as Bullish International.

Other notable altcoin gains incorporate a 35% decrease in the purchase price of Yearn.finance (YFI) to establish a new record high at $77,041 plus a 20% spike in the price of Reef (REEF) into an intraday high of $0.508.

The overall cryptocurrency market cap now stands at $2.449 trillion and Bitcoin's dominance speed is 42.8%.