Dogecoin (DOGE) and Shiba Inu (SHIB) prices have surged by 10% and 22% in the last 24 hours, respectively. These price surges are thanks to developments on the macro side and these meme coins’ fundamentals, which provide a bullish outlook for them.
Why Dogecoin And Shiba Inu Prices Are Up
Dogecoin and Shiba Inu’s prices have surged thanks to macro developments like the monetary policies being rolled out by world governments. This has boosted investors’ confidence in allocating more capital to risk assets like Dogecoin and Shiba Inu. Earlier this week, the People’s Bank of China announced rate cuts and a stimulus package to revive the country’s economy.
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Meanwhile, the latest US jobless claims and GDP data showed that the US economy is healthy. This follows last week’s 50 basis point (bps) rate cuts by the US Federal Reserve. Moreover, these rate cuts by the US and China are expected to cause more liquidity to flow into risk assets, including Dogecoin and Shiba Inu.
That already looks to be happening, seeing how their prices have surged recently. It is worth mentioning that Bitcoin (BTC) rose above $65,000 in the last 24 hours, contributing to the rally for these meme coins. Dogecoin and Shiba Inu share a strong positive price correlation with the flagship crypto and are bound to rally as BTC does.
Dogecoin and Shiba Inu’s bullish fundamentals are also why these meme coins have rallied. On September 26, QED Protocol announced its partnership with Nexus to build a zero-knowledge virtual machine (zkVM) on the Dogecoin Network. This will enable smart contracts on the network and help boost DOGE’s utility.
Meanwhile, Shiba Inu’s marketing lead, Lucie, revealed the team’s plans to launch the SHI stablecoin in the meme coin’s ecosystem. This move provides a bullish outlook for Shiba Inu, considering how it will further draw attention to its ecosystem. Meanwhile, Shiba Inu’s team developer, Shytoshi, has also continued to hint about the potential launch of the layer-3 privacy chain in the meme coin’s ecosystem.
More Price Rallies To Come
Dogecoin and Shiba Inu are expected to record more price rallies in the coming weeks as governments continue introducing monetary easing policies. Crypto analyst Ali Martinez also recently stated that Dogecoin looks strong. He noted that DOGE has witnessed an RSI and price breakout from multi-downtrends. He added that the foremost meme coin got a buy signal from the SuperTrend indicator.
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In another X post, Martinez stated that Dogecoin could rally to as high as $0.150, having surged past the $0.111 resistance. Shina Inu is also on the edge of a historic run, as the meme coin has always recorded positive monthly returns in October. Dogecoin and Shiba Inu whales are already positioning for these price rallies, as they have been accumulating these past few days.
Featured image created with Dall.E, chart from Tradingview.com