THE Dogecoin and Shiba Inu prices have risen significantly today, giving investors optimism. This development is due to several factors that paint an optimistic picture for major coins.
Why Dogecoin and Shiba Inu Prices Are Rising
CoinMarketCap data shows that the prices of Dogecoin and Shiba Inu have increased by over 14% and 8% respectively in the last 24 hours. This price surge is due to certain developments that provide a bullish outlook for major coins. One such development is the impending inauguration of the president-elect of the United States. Donald Trump.
Trump’s inauguration offers a bullish outlook for Dogecoin and Shiba Inu prices due to his pro-crypto stance. Additionally, Elon Musk Department of Government Effectiveness (DOGE) should also come to life once Trump takes office. The department is bullish on Dogecoin because Musk coined the name from the meme coin’s “DOGE” ticker.
Another factor that has contributed to the Dogecoin and Shiba price surge is crypto optimism that 2025 could be the biggest bull run of all time. Crypto players like former Binance CEO Changpeng “CZ” Zhao have also fueled this bullish outlook. In a MessageCZ claimed that 2025 will be the “send it” year.
THE Bitcoin Price bouncing up to $98,000 is another reason why Dogecoin and Shiba Inu prices rose today. These meme coins share a strong positive price correlation with the flagship crypto, so they are bound to see a rally alongside BTC. Further price increases can be expected, especially if Bitcoin rebounds above $100,000.
Historical trends also support this price surge for Dogecoin and Shiba Inu. During the 2021 bull run, these top meme coins saw a bullish reversal in January 2021 after a wave of sell-offs in December 2020. The price rebound in January ultimately paved the way for these meme coins to reach higher levels. new heights.
What’s next for these parts
Cryptocurrency analyst Kevin Capital discussed what needs to happen for Dogecoin price to reach a new level. absolute record (ATH). In an article The crypto analyst noted that a break above $0.59 would mean a new ATH is imminent.
Meanwhile, crypto analyst Daniel Ramsey has provided insight into the future of the Shiba Inu price. In an X post he said SHIB was finishing the cup and handle formation and is ready to break through the strong confluence of key zone resistance and descending resistance.
The analyst added that a bullish rally is imminent. The analyst suggested that Shiba Inu could reach $0.00013965 when this bull rally begins.
Featured image created with Dall.E, chart from Tradingview.com