Shiba Inu And Dogecoin Price Notch Over 10% Gains In 24 Hours, What’s Driving It?

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I can confidently say that the recent surge in Dogecoin (DOGE) and Shiba Inu (SHIB) is nothing short of extraordinary. The gains these meme coins have made overnight are reminiscent of the early days of Bitcoin, when a $1 investment could turn into millions overnight.

In the last 24 hours, the meme coins Dogecoin and Shiba Inu have experienced double-digit growth, resulting in many investors realizing profits overnight. Dogecoin, known as the reigning monarch of meme cryptocurrencies, has spearheaded this surge with a 16% increase over the same period, easily surpassing crucial resistance barriers at $0.15 and $0.16.

At this rally, it’s not just Dogecoin (DOGE) participating. Even Shiba Inu, another well-known meme coin, has seen its value increase by around 10% due to the optimistic mood in the market, within the same time period.

The increased costs of Dogecoin and Shiba Inu might be traced back to the shifting context of the recent US elections, which has sparked a broader curiosity in the cryptocurrency sector. Notably, this surge in interest has additionally propelled Bitcoin to reach trading levels over $71,000, marking a six-month high.

Dogecoin And Shiba Inu Pump After Trump Rally

At a Trump rally in New York’s Madison Square Garden on Sunday, Musk casually mentioned something he referred to as the “Department of Government Efficiency.” This unexpected term has piqued interest among supporters of meme coins, with Dogecoin fans being particularly intrigued.

The abbreviation for ‘Department of Government Efficiency’ is DOGE, which matches the symbol for Dogecoin. This connection has been popularized by Elon Musk and embraced by the Dogecoin community since early October. They believe that if Donald Trump wins the upcoming election, it could lead to a significant surge in Dogecoin value.

After Musk’s electrifying presence at the rally, my enthusiasm skyrocketed even higher when he shared a meme on social media later that day, depicting us both with the legendary Shiba Inu dog avatar of Dogecoin.

— Elon Musk (@elonmusk) October 28, 2024

This playful reference to the Dogecoin symbol, now viewed over 56.4 million times on the platform, ignited social media excitement, with many meme coin enthusiasts viewing this post as a fresh wave of backing for DOGE. The impact was swift, as Dogecoin saw a surge that soon extended to other meme-based assets, such as Shiba Inu, Pepe, and Dogwifhat.

DOGE To Make New 2024 High

According to current figures, Dogecoin is being traded at approximately $0.1649. During the last day, it peaked at around $0.1683. Notably, within this period, Dogecoin has seen a significant increase of nearly 16%, marking one of its strongest performances since April.

Supporters of Dogecoin are attempting to push its price beyond the $0.17 mark, hoping for a substantial surge in value. Technical analysis suggests that the recent surge in Dogecoin’s price has formed a breakout from a bull flag pattern on the 4-hour chart, which is a positive sign indicating further gains. Crypto analyst Ali Martinez predicts that the price could reach $0.175.

Shiba Inu And Dogecoin Price Notch Over 10% Gains In 24 Hours, What’s Driving It?

Currently, Dogecoin’s price fluctuations are drawing notice because of its connection with Elon Musk and, in a roundabout way, with the U.S. presidential election. If Dogecoin traders manage to sustain this energy, it’s possible that the bulls might reach Dogecoin’s 2024 peak of $0.22 by the end of this year.

Shiba Inu And Dogecoin Price Notch Over 10% Gains In 24 Hours, What’s Driving It?

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2024-10-30 00:12