the Dogecoin and Shiba Inu Prices rose significantly today, providing optimism for investors. This development is due to many factors that paint a bullish picture for the most important meme currencies.
Why did the prices of Dogecoin and Shiba Inu increase?
CoinMarketCap data It shows that Dogecoin and Shiba Inu prices have risen by over 14% and 8% respectively in the past 24 hours. This rise in prices is due to some developments that provide a bullish outlook for the most important meme currencies. One such development is the approaching inauguration of the President-elect of the United States Donald Trump.
Trump’s inauguration provides bullish outlook for Dogecoin and Shiba Inu prices due to his pro-crypto stance. Moreover, Elon Musk Department of Government Efficiency (DOGE) It is also set to come alive once Trump takes office. The department is bullish on Dogecoin because Musk coined the name from the coin meme “DOGE.”
Another factor contributing to the rise in Dogecoin and Shiba prices is optimism in cryptocurrencies that 2025 could be the biggest bull run ever. Cryptocurrency stakeholders, such as former Binance CEO Changpeng “CZ” Zhao, have also reinforced this bullish outlook. in Share XCzechoslovakia confirmed that 2025 would be the year of its “dispatch”.
the Bitcoin price Rising as high as $98,000 is another reason why Dogecoin and Shiba Inu prices are soaring today. These meme coins share a strong positive price correlation with major cryptocurrencies, so they are bound to rise alongside Bitcoin. Further price increases can be expected, especially if Bitcoin rebounds above $100,000.
Historical trends also support rising Dogecoin and Shiba Inu prices. On the upside of 2021, these major meme coins saw a bullish reversal in January 2021 after the sell-off in December 2020. The January price rebound eventually paved the way for these meme coins to reach new highs.
What’s next for these currencies?
Cryptocurrency analyst, Kevin Capital, discussed what would need to happen for the price of Dogecoin to reach a new high All time high (ATH). In The cryptocurrency analyst noted that a break above $0.59 means a new ATH is imminent.
Meanwhile, cryptocurrency analyst Daniel Ramsay provided insight into what’s next for the Shiba Inu price. In X’s post, he mentioned that SHIB complements Forming the cup and handle It is ready to break through the intersection of the strong resistance of the main area and the downward resistance.
The analyst added that an upward rally is imminent. The analyst suggested that the Shiba Inu could rise as high as $0.00013965 when this bullish rally begins.
Featured image created with Dall.E, chart from Tradingview.com
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