Are meme coins back? Over 200% Growth in 3 Months for Shiba Inu

Bitcoin (CRYPTO: BTC) reached a record $69,000 on Tuesday, reigniting crypto excitement. The legalization of spot Bitcoin exchange-traded funds (ETFs) earlier this year made investing easier, boosting the cryptocurrency.

Bitcoin isn't alone in success. Investors are generally positive on crypto. The meme coins Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) have been performing well recently. Are meme coins back in the spotlight, and are they safer bets for your portfolio today?

Dogecoin and Shiba Inu are two prominent meme coins that can be used to assess their popularity. The latter has more than tripled in three months, while the former has increased 50% and Dogecoin was much higher before a retreat. Bitcoin has gained 40% in the same timeframe.

Dogecoin and Shiba Inu are now the 10th and 11th largest coins by market cap after recent rises. Given their recent momentum, they could rise substantially higher in the coming weeks. Meme coins can take off quickly. Bitcoin's market valuation of almost $1.2 trillion may explain its recent rises. Dogecoin and Shiba Inu have market capitalization under $50 billion, thus they have more upside potential than Bitcoin.

Shiba Inu and Dogecoin volumes have increased significantly despite Bitcoin's downturn, suggesting that investors are switching to smaller currencies, which may appeal to bullish crypto investors.

There are no major reasons to believe Shiba Inu and other meme coins will rise in value. Crypto values rise due to speculation, as usual. Halving and spot Bitcoin ETFs may benefit Bitcoin, but Shiba Inu and other coins may not.

However, meme currencies can contribute to more bullish crypto conditions, thus increased volumes and prices may not be surprising, especially with Bitcoin trading at highs.

Meme coins seem to be back and growing. But they are still dangerous assets, so unless you can handle tremendous volatility, they may not be good investments today. Bitcoin is hazardous, but as the world's most recognized cryptocurrency, it's safer for crypto investors.