SHIB and DOGE have recorded big gains in the last 24 hours.
Data from CoinGecko shows that the Shiba Inu (SHIB) token is up over 20% in the last 24 hours.
SHIB is also being heavily traded; Nansen reports that nearly $1.1 billion in SHIB has traded hands between January 17-January 18.
The surge in SHIB trading comes as traders anticipate the launch of the upcoming layer 2 network Shibarium.
Shibarium puts a canine-themed twist on building on top of Ethereum. A testnet is expected to launch in the coming weeks.
Traders also pushed DOGE up nearly 6% in the last 24 hours.