As a seasoned crypto investor who has weathered numerous market cycles and witnessed the rise and fall of countless digital assets, I must admit that the recent surges in Dogecoin (DOGE) and Shiba Inu (SHIB) have piqued my interest. With DOGE up by 10% and SHIB by a staggering 22% in the last 24 hours, it’s hard not to be intrigued.
In the past day, the value of Dogecoin (DOGE) and Shiba Inu (SHIB) has increased by 10% and 22%, respectively. This growth can be attributed to significant advancements on a broader scale as well as strong foundations within these digital currencies, indicating a positive trend for both.
Why Dogecoin And Shiba Inu Prices Are Up
The prices of Dogecoin and Shiba Inu have skyrocketed due to broader economic trends such as global monetary policies, which have in turn increased investor confidence in putting more money into high-risk assets like these two cryptocurrencies. Recently, the People’s Bank of China unveiled interest rate reductions and an economic stimulus package aimed at invigorating the nation’s economy.
Currently, newly released jobless claims and GDP figures in the U.S. indicate a robust economy. This comes after the Federal Reserve reduced interest rates by 0.5% last week. Furthermore, these rate reductions from both the U.S. and China could potentially lead to increased liquidity flowing into riskier investments, such as Dogecoin and Shiba Inu.
It appears that this trend is unfolding, given the recent increase in their prices. Notably, Bitcoin (BTC) has soared beyond $65,000 within the last 24 hours, a move that seems to be fueling the surge for meme coins like Dogecoin and Shiba Inu. These two coins tend to follow Bitcoin’s price movements closely, suggesting they too are likely to rise as BTC continues its upward trajectory.
The strong underlying factors behind Dogecoin and Shiba Inu are a significant reason for their recent price increases. On September 26, it was announced that QED Protocol entered into a partnership with Nexus to develop a zero-knowledge virtual machine (zkVM) on the Dogecoin network. This partnership will allow for smart contracts on the network and potentially increase DOGE‘s practical uses.
Simultaneously, Lucie, who’s responsible for marketing at Shiba Inu, shared the team’s intention to introduce SHI stablecoin within their crypto ecosystem. This action could boost Shiba Inu’s prospects since it will likely draw more focus to its ecosystem. Furthermore, Shytoshi, a key developer on the Shiba Inu team, has also been suggesting the possible deployment of a layer-3 privacy chain in the meme coin’s ecosystem.
More Price Rallies To Come
In simpler terms, it’s anticipated that the prices of Dogecoin and Shiba Inu will rise significantly over the next few weeks due to ongoing monetary easing policies by governments worldwide. Crypto expert Ali Martinez has also expressed his optimism about Dogecoin, stating that its recent RSI (Relative Strength Index) and price breakout from multiple downtrends suggest strength. Furthermore, he mentioned that a buy signal for Dogecoin has been triggered by the SuperTrend indicator, hinting at potential growth for this popular meme coin.
In another X post, Martinez stated that Dogecoin could rally to as high as $0.150, having surged past the $0.111 resistance. Shina Inu is also on the edge of a historic run, as the meme coin has always recorded positive monthly returns in October. Dogecoin and Shiba Inu whales are already positioning for these price rallies, as they have been accumulating these past few days.
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2024-09-27 17:11