Bitrabo Editorial
Both Dogecoin and Shiba Inu have experienced significant price increases recently without any clear reasons stated by their developers. A closer look at the overall market conditions might shed light on this upward trend.
Impact of Bitcoin on Dogecoin and Shiba Inu
The recent recovery in the cryptocurrency market has been largely influenced by Bitcoin’s surge. Bitcoin has broken multiple resistance levels and exceeded $71,000, generating positive sentiment among investors, which in turn has benefited Dogecoin and Shiba Inu.
Bitcoin’s positive performance, triggered by favorable news from the United States, has had a ripple effect on these meme coins. Factors such as stabilizing job markets and increased investor confidence have played a role in Bitcoin’s rise and consequently impacted the prices of Dogecoin and Shiba Inu.
SHIB Shows Strong Performance Compared to DOGE
While both Dogecoin and Shiba Inu have seen price gains recently, Shiba Inu has notably outperformed Dogecoin. Dogecoin recorded a 3.7% increase in a 24-hour period, pushing its price above $0.16 and its market cap to $23.6 billion.
In contrast, Shiba Inu has experienced a significant 10.2% surge, surpassing the $0.000026 resistance level and elevating its market cap above $15.4 billion. Despite their gains, both meme coins have been overshadowed by the rising popularity of newer coins like FLOKI, which saw a 24% increase in the same period, along with other meme coins such as PEPE, BONK, and Dogwifhat.