Dogecoin and Shiba Inu price saw double-digit gains over the past 24 hours, up 25% and 10%, respectively. Major meme coins have witnessed these massive price increases thanks to market developments. American electionwhich present them with bullish prospects.
Why Dogecoin and Shiba Inu Price Have Seen Double-Digit Rallies
Dogecoin and the Shiba Inu price saw double-digit increases because Donald Trump won the prize. US presidential elections and is set to become the next American president. A Donald Trump victory is bullish for Dogecoin and ultimately the Shiba Inu price, which is why the market is currently pricing in this development.
In addition to Donald Trump’s support for cryptocurrencies, Dogecoin is expected to benefit from Trump’s victory due to That of Elon Musk proposed by the Department of Government Effectiveness (DOGE). With the former US president likely to become the next president of the United States, this would pave the way for the world’s richest man to move forward with the DOGE proposal.
Musk’s DOGE will attract enormous attention to Dogecoin due to the similarity between the acronym and the meme coin’s “DOGE” ticker. Additionally, the richest man in the world is known to be fond of the most important coin, and its DOGE proposal is seen as an indirect way to sell Dogecoin, just as it has done in the past.
Shiba Inu price has also seen an impressive rise as it correlates with Dogecoin. Dogecoin and Shiba Inu are known to mirror each other’s price gains. Additionally, they both share a price correlation with the Bitcoin price, which also explains why the Shiba Inu price is rising.
DOGE and SHIB whales make their moves
DOGE and SHIB whales appear to be accumulating more coins in anticipation of more rallies for Dogecoin and the Shiba Inu price. On-chain data shows that a whale recently transferred 75 million DOGE from Roobinhood to an unknown wallet, indicating that it is looking to hold them for the long term.
IntoTheBlock data also confirms that these whales are accumulating. Dogecoin whale transactions increased by almost 3%, with 14.5 billion DOGE traded in the last 24 hours. Meanwhile, the SHIB concentration measure is bullish, meaning whales are increasing their current holdings. This development further draws bullish prospects for Dogecoin and the price of Shiba Inu, as these whales could contribute to the future trajectory of the latter. coins.
Meanwhile, the price of Dogecoin and Shiba Inu is expected to continue rising in the coming days, especially as Musk reveals more details about the DOGE proposal following Trump’s victory. THE US Federal Reserve is also expected to cut interest rates by at least 25 basis points (bps) on November 7, which is bullish for major coins.
Featured image created with Dall.E, chart from Tradingview.com