Decoding The Dogecoin And Shiba Inu Price Surge, What Are The Factors Driving The Double-Digit Rally?

The Dogecoin price and the Shiba Inu price registered double-digit increases over the past 24 hours, up 25% and 10%, respectively. The first meme currencies experienced these huge price increases thanks to developments in American electionsWhich represents a bullish outlook for them.

Why the price of Dogecoin and Shiba Inu hit double-digit highs

The price of Dogecoin and Shiba Inu recorded double-digit highs after Donald Trump’s victory US presidential elections He is set to become the next president of the United States. A Donald Trump win is bullish for Dogecoin and, ultimately, for the price of the Shiba Inu, which is why the market is currently pricing in this development.

In addition to Donald Trump declaring his support for cryptocurrencies, Dogecoin is set to benefit from Trump’s victory because… Elon Musk Proposed Department of Government Efficiency (DOGE). With the former US President potentially becoming the next US President, this would pave the way for the world’s richest man to move forward with the DOGE proposal.

Musk’s DOGE will attract significant attention to Dogecoin due to the similarity between the abbreviation and the meme currency symbol “DOGE.” Moreover, it is known that the richest man in the world is Fond of the main currency, and his DOGE proposal is seen as an indirect way to shill Dogecoin, just as it has done in the past.

The price of the Shiba Inu is also enjoying an impressive rise because it is tied to Dogecoin. Dogecoin and Shiba Inu They are known to mirror each other’s price gains. Moreover, they both share a price correlation with the price of Bitcoin, which also explains why the price of the Shiba Inu is so high.

DOGE and SHIB whales make their moves

DOGE and SHIB whales We look forward to accumulating more coins in anticipation of further rises for the Dogecoin price and the Shiba Inu price. Data on the chain It shows that a whale recently transferred 75 million DOGE from Robinhood to an unknown wallet, suggesting they are looking to hold it for the long term.

Data inside TheBlock It also confirms that these whales are accumulating. Whale transactions in Dogecoin are up nearly 3%, with 14.5 billion DOGE traded in the past 24 hours. Meanwhile, the SHIB concentration scale is bullish, meaning whales are adding to their existing holdings. This development also paints a bullish outlook for the Dogecoin price and the Shiba Inu price since these whales could contribute to the future trajectory of these whales. Meme coins.

Meanwhile, the price of Dogecoin and the Shiba Inu are expected to continue rising in the coming days, especially as Musk reveals more details about the DOGE proposal following Trump’s win. the US Federal Reserve It is also expected to cut interest rates by at least 25 basis points (bps) on November 7, which is bullish for major meme coins.

Featured image created with Dall.E, chart from Tradingview.com