The Dogecoin and Shiba Inu Prices have risen significantly today, giving investors optimism. This development is thanks to several factors that paint an optimistic picture for the most important meme coins.
Why Dogecoin and Shiba Inu prices have increased
CoinMarketCap data shows that Dogecoin and Shiba Inu prices have increased by over 14% and 8%, respectively, in the last 24 hours. This price increase is due to a few developments that offer an optimistic outlook for the major meme coins. One of these developments is the imminent inauguration of the elected US president Donald Trump.
Trump’s inauguration offers a bullish outlook for Dogecoin and Shiba Inu prices due to his pro-crypto stance. In addition, Elon Musk’s Department of Government Efficiency (DOGE) will also come to life once Trump takes office. The department is bullish on Dogecoin because Musk coined the name from the meme coin’s ticker “DOGE.”
Another factor that has contributed to the price increase in Dogecoin and Shiba is the cryptocurrency’s optimism that 2025 could be the biggest bull market ever. Crypto stakeholders like former Binance CEO Changpeng “CZ” Zhao have also fueled this optimistic outlook. In one X contributionCZ claimed that 2025 will be the “send it” year.
The Bitcoin price The rally to $98,000 is another reason why Dogecoin and Shiba Inu prices rose today. These meme coins have a strong positive price correlation with the flagship cryptocurrency, so they are sure to rally alongside BTC. Further price increases can be expected, especially if Bitcoin rises above $100,000 again.
Historical trends also support this price increase for Dogecoin and Shiba Inu. In the 2021 bull market, these leading meme coins experienced an upward movement in January 2021 after a sell-off in December 2020. The January price rally finally paved the way for these meme coins to reach new highs.
What’s next for these coins?
Crypto analyst Kevin Capital discussed what needs to happen for Dogecoin price to reach new levels All-time high (ATH). In a post on The Crypto Analyst noted that a break above $0.59 would mean a new ATH is imminent.
Meanwhile, crypto analyst Daniel Ramsey provided insights into the future development of the Shiba Inu price. In an X post, he stated that SHIB is completing the work Cup and handle formation and is poised to break the strong resistance confluence of key zone and descending resistance.
The analyst added that a bullish rally is imminent. The analyst suggested that Shiba Inu could rise as high as $0.00013965 at the start of this bull rally.
Featured image created with Dall.E, chart from Tradingview.com