Dogecoin (DOGE) and Shiba Inu (SHIB) they met a lot in the last 24 hours. This improvement is due to bullish macro events. Onchain data also shows that these meme coins are entry of evidence to large investors and traders.
Why Dogecoin and Shiba Inu Prices Are Rising
Dogecoin and Shiba Inu we had a big increase because of the US Federal Reserve’s 50 basis point (bps) reduction of interest rate. This has given bullish momentum to risk assets, including these meme coins, as investors are now more confident in allocating more capital.
Before now, the price of Dogecoin and Shiba Inu was stagnant due to the lack of high demand for these coins. This was also reflected in the broader crypto market, led by Bitcoin (BTC), which failed hold more than $60,000. However, this big event gave a bullish reversal, Dogecoin and Shiba Inu are now targeting new highs next to Bitcoin.
It is worth highlighting the strong positive price correlation between these meme coins and Bitcoin. The data from the area of ​​market intelligence Enter TheBlock shows that Dogecoin’s correlation with Bitcoin is 0.87, while Shiba Inu’s correlation with the flagship crypto is 0.85. Therefore, it is only expected that the prices of Dogecoin and Shiba Inu will rise along with Bitcoin.
Another major decision that has contributed to the increase in the price of Dogecoin and Shiba Inu is the recent decision from Bank of Japan (BOJ). Japan’s Central Bank kept rates unchanged, providing a better outlook for these risky assets. The BOJ also indicated that the economy is recovering as expected, suggesting there may not be a need to raise rates anytime soon.
Meanwhile, onchain data shows that investors have returned to the Dogecoin and Shiba Inu ecosystems, which will lead to further price increases. More than 6 billion DOGE has been for sale 24 hours ago by Dogecoin whales. On the other hand, Great deals on Shiba Inu saw an increase just a day before the Fed’s interest rate cut decision, when 2.51 billion SHIBs were sold that day.
How High Can These Meme Characters Go?
Crypto analyst Kevin Capital (former OG Yomi) believes Dogecoin is “ready for the moon soon.” He added that he truly believes this and has evidence and data to back up this supposed price increase.
In a previous X post, he predicted that the leading meme coin could rise to $3.80 if it records stellar performance this bull is running. He mentioned that it depends on how the economic cycle is going.
Currently, a Shiba Inu dedicated X forum, Shiba Inu News, mentioned that the meme coin will break out and enjoy a parabolic rally up to $0.00004. Crypto analyst Javon Marks it also predicted that SHIB could reach $0.000081.
The featured image was created with Dall.E, a chart from Tradingview.com