Emily Walker
Today, Dogecoin and Shiba Inu have experienced notable price increases, fostering a sense of optimism among investors. This rise is attributed to various factors that suggest a positive trend for these leading meme cryptocurrencies.
Factors Behind the Surge in Dogecoin and Shiba Inu Prices
According to CoinMarketCap data, Dogecoin and Shiba Inu have seen prices rise by over 14% and 8%, respectively, within a 24-hour period. The impending inauguration of US president-elect Donald Trump is seen as a crucial element propelling this growth.
Trump’s upcoming inauguration is believed to positively influence Dogecoin and Shiba Inu prices due to his favorable view on cryptocurrencies. Additionally, Elon Musk’s proposed Department of Government Efficiency (DOGE) is expected to be established with Trump’s presidency. This initiative is anticipated to benefit Dogecoin, as Musk cleverly named it after the coin’s ticker symbol.
Furthermore, there is a lifted sentiment in the crypto community that 2025 could herald an unprecedented bull market. Prominent figures like Changpeng “CZ” Zhao, former CEO of Binance, have contributed to this optimism. In a recent post on X, Zhao expressed his belief that 2025 will be an exceptional year for cryptocurrencies.
The recent uptick to $98,000 in Bitcoin’s value has also played a significant role in boosting Dogecoin and Shiba Inu prices. A strong positive correlation exists between these meme coins and Bitcoin, meaning that they often experience similar price movements. Should Bitcoin rise above the $100,000 mark, further gains for these coins can be anticipated.
Historical data supports the current price increase for Dogecoin and Shiba Inu. During the bull run of 2021, these coins saw a significant turnaround in January following a period of declines in December 2020, leading them to reach new all-time highs.
Future Prospects for Dogecoin and Shiba Inu
Crypto analyst Kevin Capital shared insights on what Dogecoin needs to achieve to set a new all-time high (ATH). He noted that Dogecoin must surpass the macro golden pocket level at $0.49, then the Fib .703 at $0.53, and finally break through $0.59. A successful climb beyond $0.59 could signal the imminent potential for a new ATH.
Similarly, crypto analyst Daniel Ramsey provided forecasts for Shiba Inu’s price trajectory. Ramsey indicated that SHIB is forming a cup and handle pattern and is on the verge of breaking through significant resistance levels.
He suggested that a bullish rally is forthcoming, with Shiba Inu’s price potentially reaching as high as $0.00013965 once this rally commences.