Why
Did The
Dogecoin And Shiba Inu
Price Rise
So Much?
Why Did The Dogecoin And Shiba Inu Price Rise So Much?
by Scott Matherson
3 mins ago
in Dogecoin , Shiba Inu
0
Dogecoin (DOGE) and Shiba Inu (SHIB) have rallied significantly in the last 24
hours. This development is thanks to bullish macro events. Onchain data also
shows that these meme coins are witnessing inflows from both large and retail
investors.
Why Dogecoin And Shiba Inu Prices Are Up
Dogecoin and Shiba Inu have experienced a significant surge due to the US
Federal Reserve s 50 basis point (bps) interest rate cut . This has
provided bullish momentum for risk assets, including these meme coins, as
investors are now more confident in allocating more capital to them.
Related Reading: Crypto Analyst Predicts Dogecoin Will Outperform Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin In
2025, Here’s Why
Before now, the price of Dogecoin and Shiba Inu had stagnated due to a lack of
significant demand for these coins. This was also evident in the broader
crypto market, led by Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin), which failed to hold above $60,000 .
However, this macro event has provided a bullish reversal, with Dogecoin and
Shiba Inu now targeting new highs alongside Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
It is worth highlighting the strong positive price correlation between these
meme coins and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. Data from the market intelligence platform
IntoTheBlock shows that Dogecoin’s correlation with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is 0.87, while
Shiba Inu’s correlation with the flagship crypto is 0.85. Therefore, it is
only expected that the Dogecoin and Shiba Inu prices will rise along with
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
Another macro decision that has contributed to the Dogecoin and Shiba Inu
price surge is the latest decision from the Bank of Japan (BOJ) . The Japanese
Central Bank kept rates unchanged, providing a bullish outlook for these risk
assets. The BOJ also indicated that the economy was recovering as expected,
suggesting there might not be a need to hike rates anytime soon.
Meanwhile, onchain data shows that investors are again returning to the
Dogecoin and Shiba Inu ecosystems, which will lead to further price surges.
Over 6 billion DOGE has been traded in the last 24 hours by Dogecoin whales.
On the other hand, Shiba Inu’s large transactions witnessed a spike just a day
before the Fed s interest rate cut decision, with 2.51 trillion SHIB
traded on that day.
How High Can These Meme Coins Rise
Crypto analyst Kevin Capital (formerly OG Yomi) believes Dogecoin is “ready to
moon soon.” He added that he genuinely believes this and has the evidence and
data to support this projected price surge.
Related Reading: Crypto Founder Identifies The Best And Worst Time To Be In
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
In an earlier X post, he had predicted that the foremost meme coin could rise
to as high as $3.80 if it records an astronomical performance in this bull run
. He remarked that it depends on how this economic liquidity cycle pans out.
Source: X
Meanwhile, a Shiba Inu dedicated X platform, Shiba Inu News, mentioned that
the meme coin would break out and enjoy a parabolic rally to as high as
$0.00004. Crypto analyst Javon Marks also predicted that SHIB could reach
$0.000081. SHIN price at $0.0000144 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
