Dogecoin and Shiba Inu prices have recorded double-digit rallies in the past 24 hours, rising 25% and 10%, respectively. The leading meme coins have seen these huge price rallies because of the development US electionwhich gives a good idea to them.
Why Dogecoin And Shiba Inu Prices Are Recording Double-Digit Meetings
Dogecoin and Shiba Inu prices record double-digit rallies because Donald Trump won The US presidential election and he is going to be the next president of the US. Donald Trump’s victory is bullish for Dogecoin and, ultimately, the price of Shiba Inu, which is why the market is currently pricing in this development.
In addition to Donald Trump announcing his support for cryptocurrencies, Dogecoin will benefit from Trump’s victory because Elon Musk the proposed Department of Government Operations (DOGE). Since the former US president is likely to be the next US president, this will pave the way for the world’s richest man to proceed with the DOGE proposal.
Musk’s DOGE will drive a lot of attention to Dogecoin due to the similarity between the acronym and the meme coin’s ticker ‘DOGE.’ In addition, he is known to be the richest person in the world love of the leading meme coin, and his DOGE proposal is seen as an indirect way to shill Dogecoin, just as he has done in the past.
The price of Shiba Inu also enjoyed its amazing rally because it is in line with Dogecoin. Dogecoin and Shiba Inu they are known to match each other’s price advantages. In addition, both share a correlation between the price and the value of Bitcoin, which also explains why the price of Shiba Inu has increased.
DOGE and SHIB Whales Move
DOGE and SHIB whales it seems to be accumulating more coins in anticipation of more Dogecoin rallies and Shiba Inu price. Data on the chain shows that the whale just transferred 75 million DOGE from Roobinhood to an unknown fund, which shows that they want to hold it for a long time.
Data for IntoTheBlock and ensures that these whales accumulate. Dogecoin whale sales are up nearly 3%, with 14.5 billion DOGE traded in the last 24 hours. Meanwhile, SHIB’s concentration metric is bullish, meaning whales are adding to their current catch. This development also draws attention to Dogecoin and the price of Shiba Inu as these whales can influence the development of this. meme coins.
Meanwhile, the price of Dogecoin and Shiba Inu is expected to continue to converge in the coming days, especially as Musk reveals more details about the DOGE proposal after Trump’s victory. I The US Federal Reserve It is also expected to cut interest rates by at least 25 basis points (bps) on November 7, which is bullish for the major currencies.
The featured image was created with Dall.E, a chart from Tradingview.com
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