Revel in Dogecoin and Shiba Inu Price Surges
If you’ve been tracking the recent surge in Dogecoin and Shiba Inu, you must be awestruck by their remarkable price increases. The surge in these leading meme coins is directly tied to the resurgence of Bitcoin. Let’s delve into the reasons behind this upward trend.
Price Increase Factors
These meme coins have experienced recent price surges due to their significant positive price correlation with Bitcoin. Recent data from the market intelligence platform IntoTheBlock indicates a strong correlation with Bitcoin’s price movements. Bitcoin witnessed a surge to $67,000 after a brief market downturn that pushed it below $60,000, causing a slight decline in Dogecoin and Shiba Inu prices.
- Bitcoin’s increase by over 15% in the last seven days prompted a similar resurgence in Dogecoin and Shiba Inu, catapulting them by 17% and 7%, respectively.
- The surge in Bitcoin, Dogecoin, and Shiba Inu prices can be attributed to the prevailing bullish sentiment among crypto investors. Investors are optimistic following the completion of Bitcoin sell-offs by the German government and Mt. Gox’s Bitcoin repayments.
On-Chain Metrics and Whale Movements
On-chain metrics reveal a positive outlook for Dogecoin and Shiba Inu, with significant investments from crypto whales. Recent data from IntoTheBlock indicates a surge in whale activity for Dogecoin, with a notable uptick in large transactions. Likewise, Shiba Inu whales have been accumulating more SHIB tokens, resulting in a 13.79% increase in substantial transactions.
- Whale accumulation patterns play a crucial role in triggering substantial price rallies for these meme coins as continued accumulation could lead to price discovery and subsequent price surges.
Anticipating Future Rallies
Technical analysts foresee additional price rallies for Dogecoin on the horizon. Analysts predict the formation of an inverse head and shoulders pattern for Dogecoin, anticipating a measured move target between $0.15 and $0.17 if the coin completes the right shoulder.
- Trader Tardigrade has also hinted at an upcoming “huge rally” for Dogecoin, noting the coin’s historical pullbacks onto Fibonacci 0.618 before major upswings in previous cycles. With Dogecoin currently located at Fibonacci 0.618, it might be gearing up for another massive rally.
Hot Take: Get Ready for Exciting Developments in the World of Crypto!
As the crypto market continues to witness significant price movements, it’s an exciting time to be a part of this dynamic landscape. Stay informed, stay engaged, and brace yourself for more exhilarating developments in the world of cryptocurrency!
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