I Dogecoin and Shiba Inu prices have increased significantly today, giving hope to investors. This improvement is due to several factors that paint a bullish picture for the leading meme coins.
Why Dogecoin and Shiba Inu Prices Are Rising
CoinMarketCap data shows that Dogecoin and Shiba Inu prices are up 14% and 8%, respectively, in the last 24 hours. This price increase is due to some developments that provide a bullish outlook for the leading meme coins. One of these events is the inauguration of the president-elect of the USA which is fast approaching Donald Trump.
Trump’s inauguration provides a better outlook for Dogecoin and Shiba Inu prices due to his pro-crypto stance. In addition, Elon Musk Department of Government Efficiency (DOGE) it will come back to life if Trump takes office. The department is working on Dogecoin because Musk coined the name from the meme coin’s ticker ‘DOGE.’
Another factor that has contributed to the increase in the price of Dogecoin and Shiba is the hope in crypto that 2025 could be the biggest bull run ever. Crypto participants such as Binance’s former CEO Changpeng “CZ” Zhao have also fueled this bullish sentiment. In an X postCZ has asserted that 2025 will be the year of “shipping”.
I The price of Bitcoin retracement to $98,000 is another reason Dogecoin and Shiba Inu prices are up today. These meme coins share a strong positive price correlation with the crypto-flagship, so they will definitely see a rally near BTC. Further price increases can be expected, especially if Bitcoin rebounds above $100,000.
Historical trends also support this rise in Dogecoin and Shiba Inu Price. In the 2021 bull run, these top meme coins saw a bullish reversal in January 2021 following a sell-off wave in December 2020. The price reversal in January finally paved the way for these meme coins to reach the top.
What’s Next for These Coins
Crypto analyst Kevin Capital discussed what needs to happen for Dogecoin’s price to reach a new high all time high (ATH). In X’s post, he said that Dogecoin needs to break the big gold pack at $0.49, then Fib .703 at $53, then above $0.59. A crypto analyst noted that a break above $0.59 would mean a new ATH is near.
Meanwhile, crypto analyst Daniel Ramsey provided insight into what’s next for Shiba Inu’s price. In X’s post, he said that SHIB is completing the program cup and handle design and is poised to break through the tight junction of key area resistance and downside resistance.
The analyst added that a bullish rally is imminent. The analyst suggested that Shiba Inu could rally to $0.00013965 if this bull rally begins.
The featured image was created with Dall.E, a chart from Tradingview.com