Dogecoin and the Shiba Inu price have recorded double-digit rallies over the past 24 hours, up 25% and 10% respectively. The major meme coins have witnessed these huge price increases thanks to the developments in the world American electionswhich offer a bullish outlook for them.
Why Dogecoin and the Shiba Inu Price Recorded Double-Digit Rallies
Dogecoin and the Shiba Inu Prize have registered double-digit rallies as Donald Trump won the prize US presidential election and is about to become the next American president. A Donald Trump victory is bullish for Dogecoin and ultimately for the Shiba Inu price. That is why the market is currently taking this development into account.
In addition to Donald Trump showing his support for cryptocurrencies, Dogecoin will benefit from Trump’s victory because of Elon Musk’s proposed Department of Government Efficiency (DOGE). With the former US president likely to become the next US president, this would pave the way for the world’s richest man to move forward with the DOGE proposal.
Musk’s DOGE will draw massive attention to Dogecoin due to the similarity between its acronym and the meme coin’s ticker ‘DOGE’. Moreover, it is known that the richest man in the world fond of of the main meme coin, and his DOGE proposal is seen as an indirect way to shill Dogecoin, just as he has done in the past.
The Shiba Inu price has also had an impressive rally as it correlates with Dogecoin. Dogecoin and Shiba Inu They are known to mirror each other’s price gains. Moreover, they both share a price correlation with the Bitcoin price, which also explains why the Shiba Inu price is rising.
DOGE and SHIB whales make their moves
DOGE and SHIB whales appears to be collecting more coins in anticipation of more rallies for Dogecoin and the Shiba Inu price. Data in the chain shows that a whale recently transferred 75 million DOGE from Roobinhood to an unknown wallet, indicating that they want to hold on to it for the long term.
IntoTheBlock data also confirms that these whales are accumulating. Dogecoin whale transactions are up almost 3%, with 14.5 billion DOGE traded in the last 24 hours. Meanwhile, SHIB’s concentration metric is bullish, meaning whales are increasing their current holdings. This development further paints a bullish outlook for Dogecoin and the Shiba Inu price as these whales could contribute to the future trajectory of this meme coins.
Meanwhile, Dogecoin and the Shiba Inu price are expected to continue rising in the coming days, especially as Musk reveals more details about the DOGE proposal following Trump’s victory. The US Federal Reserve Rates are also expected to be cut by at least 25 basis points (bps) on November 7, which is bullish for the major meme coins.
Featured image created with Dall.E, chart from Tradingview.com