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Dogecoin Shiba Inu

Here’s Why The Dogecoin And Shiba Inu Prices Are Soaring Today

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Altcoin News, Dogecoin, Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin and Shiba Inu prices have surged significantly today, providing optimism for investors. This development is thanks to several factors that paint a bullish picture for the foremost meme coins. 

Why The Dogecoin And Shiba Inu Prices Are Up

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are up over 14% and 8%, respectively, in the last 24 hours. This price surge is due to some developments that provide a bullish outlook for the foremost meme coins. One of these developments is the fast-approaching inauguration of the US president-elect Donald Trump. 

Related Reading: Worried About When To Sell Your Bitcoin? Analyst Provides ‘Sweet Spot’ – And It’s Much Higher

Trump’s inauguration provides a bullish outlook for the Dogecoin and Shiba Inu prices because of his pro-crypto stance. Moreover, Elon Musk’s Department of Government Efficiency (DOGE) is also set to come to life once Trump takes office. The department is bullish for Dogecoin because Musk coined the name from the meme coin’s ticker ‘DOGE.’

Another factor that has contributed to the Dogecoin and Shiba price surge is the optimism in the crypto that 2025 could be the biggest bull run ever. Crypto stakeholders like Binance’s former CEO Changpeng “CZ” Zhao have also fuelled this bullish outlook. In an X post, CZ asserted that 2025 will be the “send it” year. 

The Bitcoin price rebound to as high as $98,000 is another reason the Dogecoin and Shiba Inu prices have surged today. These meme coins share a strong positive price correlation with the flagship crypto, so they are bound to witness a rally alongside BTC. Further price surges can be expected, especially if Bitcoin rebounds above $100,000. 

Historical trends also support this Dogecoin and Shiba Inu Price surge. In the 2021 bull run, these foremost meme coins witnessed a bullish reversal in January 2021 following a wave of sell-offs in December 2020. The price rebound in January ultimately paved the way for these meme coins to reach new highs. 

What Next For These Coins

Crypto analyst Kevin Capital discussed what needs to happen for the Dogecoin price to reach a new all-time high (ATH). In an X post, he stated that Dogecoin needs to break above the macro golden pocket at $0.49, then the Fib .703 at $53, and then above $0.59. The crypto analyst remarked that a break above $0.59 would mean a new ATH is imminent. 

Related Reading: Dogecoin Price Eyes Double-Digit Surge After Breaking Out Of 2-Week Descending Wedge
Dogecoin Shiba Inu price 1
Source: X

Meanwhile, crypto analyst Daniel Ramsey provided insights into what is next for the Shiba Inu price. In an X post, he stated that SHIB is completing the cup and handle formation and is ready to break through the strong resistance confluence of key zone and descending resistance.

Dogecoin Shiba Inu price 2
Source: X

The analyst added that a bullish rally is imminent. The analyst suggested that Shiba Inu could rally to as high as $0.00013965 when this bull rally begins. 

Shiba Inu price chart from Tradingview.com
SHIB pushes for higher highs | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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