Dog-themed meme coins Dogecoin, Shiba Inu and Dogwifhat extend gains as Trump-led rally persists

• Prices of dog-themed meme coins continue to rise on Monday, with Dogecoin reaching a three-year high.
• Shiba Inu holds onto recent gains after hitting a five-month high.
• Dogwifhat rises sharply to become the fourth-largest meme coin by market capitalization.

Top three most prominent dog-themed meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Dogwifhat (WIF) extend gains on Monday after surging over the weekend. The rally, which led these coin prices to rise by double-digits in a matter of days, is likely inspired by Bitcoin’s (BTC) new all-time high and speculation that tech billionaire Elon Musk – a prominent supporter of Dogecoin – will play a pivotal role in Donald Trump’s new administration.

DOGE hits three-year high amid market rally

On Monday, Dogecoin (DOGE) hit a three-year high of $0.30, marking a 223% year-to-date increase. On Sunday, the leading meme coin surged by almost 27%.

Source: DOGE year-to-date chart

DOGE's value last rose significantly on March 31, reaching $0.22. Analysts link the recent rally to Donald Trump’s election victory, which appears to have reignited interest in the crypto market. Elon Musk, a supporter of Trump and an advocate for Dogecoin, is believed to influence market sentiment with his endorsements. 

WIF breaks $3 barrier

WIF reached a notable milestone on Monday, trading above $3 for the first time since June. The token is currently valued at approximately $3.08, still about 36% below its all-time high of $4.81, reached on March 31.

Source: WIF 1-day chart

SHIB hits five-month high

Shiba Inu experienced a notable 40% increase after lead developer Shytoshi Kusama proposed the creation of a strategic crypto hub in the United States on Sunday. Shiba Inu, the second-largest meme cryptocurrency reached a five-month high of $0.0000278.

Source: SHIB 1-day chart

SHIB quickly bounced back, rising 12% in the past 24 hours. SHIB has a market cap of $14.7 billion.