As a seasoned crypto investor with a knack for recognizing trends and patterns, I must admit that the recent double-digit rallies of Dogecoin (DOGE) and Shiba Inu (SHIB) have caught my attention. With over a decade of experience in this wild west of digital assets, I’ve learned to read between the lines and understand the underlying factors driving these market movements.
In the past day, both Dogecoin and Shiba Inu coin prices have experienced significant increases, with Dogecoin rising by 25% and Shiba Inu increasing by 10%. This impressive surge is likely due to recent events in the US election, which seem favorable for these popular meme coins.
Why Dogecoin And The Shiba Inu Price Recorded Double-Digit Rallies
The surge in both Dogecoin and Shiba Inu prices by double digits can be attributed to the election of Donald Trump as the next U.S. president. This victory is seen as positive for Dogecoin, leading to an overall upward trend in the price of Shiba Inu as well. The market is currently reflecting this bullish sentiment.
Beyond Donald Trump expressing favor towards cryptocurrencies, Dogecoin stands to gain from a potential Trump presidency due to Elon Musk’s proposed Department of Government Efficiency (D.O.G.E). If Trump indeed becomes the next U.S. president, it could provide an opportunity for Musk to implement his D.O.G.E plan.
Elon Musk’s proposed project, D.O.G.E, could significantly boost interest in Dogecoin due to the shared acronym with the meme cryptocurrency’s ticker symbol ‘DOGE.’ Furthermore, Musk’s reputation as a fan of Dogecoin and his D.O.G.E proposal being perceived as a subtle promotion for Dogecoin are reminiscent of his past endorsements for the coin.
The price of Shiba Inu has similarly experienced a strong surge due to its connection with Dogecoin. It’s common knowledge that Dogecoin and Shiba Inu often reflect each other’s price increases. Additionally, their prices tend to follow Bitcoin‘s price movements as well, which is another reason behind the recent rise in Shiba Inu’s price.
DOGE And SHIB Whales Are Making Their Moves
It appears that large investors (often referred to as “whales”) seem to be buying more Dogecoin (DOGE) and Shiba Inu coins, suggesting they anticipate further price surges for both Dogecoin and Shiba Inu. Notably, a whale recently moved 75 million DOGE from Robinhood to an unidentified wallet, which could imply their intention is to hold onto the coins for a longer period.
According to IntoTheBlock data, it appears that these large investors, or “whales,” are actively increasing their holdings in Dogecoin and Shiba Inu. Transactions involving Dogecoin’s whales have significantly increased by nearly 3%, amounting to approximately 14.5 billion DOGE traded within the last day. Similarly, the concentration metric for Shiba Inu suggests a positive trend, indicating that these “whales” are continuing to buy more of their current holdings. This development lends a bullish perspective to both Dogecoin and Shiba Inu’s prices, as these influential investors could potentially impact the future direction of these popular meme coins.
As a crypto investor, I’m excited about the upcoming days as Dogecoin and Shiba Inu prices show signs of continuous rallying. This momentum seems to be amplified with Elon Musk unveiling more details on his D.O.G.E proposal, following the recent election results. Additionally, the anticipated rate cut by the US Federal Reserve on November 7, at least 25 basis points, is a positive sign for the leading meme coins like Dogecoin and Shiba Inu.
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2024-11-06 19:11