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Dogecoin Shiba Inu

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

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

The Dogecoin and Shiba Inu prices are surging today, recording significant gains in the process. This price surge for the foremost meme coins came following a recent development on the macro side, which provided some relief for the crypto market. 

Why The Dogecoin And Shiba Inu Prices Are Surging

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices have recorded considerable gains today, marking a price rebound for the foremost meme coins. Dogecoin and Shiba Inu have enjoyed this price recovery following the release of the cooler-than-expected US Producer Price Index (PPI) data, which provided relief for the crypto market.  

Related Reading: Dogecoin Price Prediction: Pundit Says Expect DOGE At $1.30 If This Level Holds

The US PPI rose to 3.3% year-on-year (YoY), lower than the earlier projections of 3.5%. This inflation data provided a boost for risk assets including Dogecoin and Shiba Inu, seeing as they rebounded following the data release. The PPI is one of the economic indicators that the Federal Reserve considers when cutting rates. A cooler-than-expected figure suggests inflation is declining, which is bullish for risk assets like these meme coins. 

The Dogecoin and Shiba Inu prices were also bound to surge as the Bitcoin price recently broke above $97,000. These meme coins share a strong positive price correlation with the flagship crypto and are know to mirror its price movement. Bitcoin was also reacting to the positive inflation data and led the broader crypto market to this price rebound. 

The inflation data evidently provided some optimism for market participants who had been waiting on the sidelines due to market uncertainty. This is particularly true for Dogecoin investors, as IntoTheBlock data shows a 41% spike in DOGE’s large transactions in the last 24 hours, with $23.35 billion traded during this period. This surge in Whale transactions also contributed to the price rebound, as these investors are known to significantly influence the market. 

What Next For These Meme Coins?

Crypto analysts have provided insights into what could come next for the Dogecoin and Shiba Inu prices. In an X post, crypto analyst Kevin Capital stated that if the market remains bullish, then Dogecoin’s short-term goal is to clear the .415 Fibonacci level. The crypto analyst asserted that DOGE can head back to the macro golden pocket at $0.48 once it clears this Fib level. 

Related Reading: Dogecoin Price Mirrors 2021 Election Inauguration Pattern, Here’s What Happened Last Time
Dogecoin Shiba Inu price
Source: X

Crypto analyst Master Kenobi also recently provided a bullish outlook for Dogecoin. He predicted that the foremost meme coin could reach a new high around January 20, the day of Donald Trump’s inauguration. 

For Shiba Inu, crypto analyst CW stated that the meme coin did not break the previous low. As such, he remarked that the target price is still $0.00041. The crypto analyst added that SHIB is expected to reach this target price sooner than the pattern that he highlighted on his accompanying chart. 

Dogecoin price chart from Tradingview.com (Shiba Inu)
DOGE price moves to claim new local highs | Source: DOGEUSDT 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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