Here’s Why The Dogecoin And Shiba Inu Prices Are Soaring Today

The Dogecoin and Shiba Inu prices have surged significantly today, providing optimism for investors. This development is thanks to several factors that paint a bullish picture for the foremost meme coins. 

Why The Dogecoin And Shiba Inu Prices Are Up

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are up over 14% and 8%, respectively, in the last 24 hours. This price surge is due to some developments that provide a bullish outlook for the foremost meme coins. One of these developments is the fast-approaching inauguration of the US president-elect Donald Trump. 

Trump’s inauguration provides a bullish outlook for the Dogecoin and Shiba Inu prices because of his pro-crypto stance. Moreover, Elon Musk’s Department of Government Efficiency (DOGE) is also set to come to life once Trump takes office. The department is bullish for Dogecoin because Musk coined the name from the meme coin’s ticker ‘DOGE.’

Another factor that has contributed to the Dogecoin and Shiba price surge is the optimism in the crypto that 2025 could be the biggest bull run ever. Crypto stakeholders like Binance’s former CEO Changpeng “CZ” Zhao have also fuelled this bullish outlook. In an X post, CZ asserted that 2025 will be the “send it” year. 

The Bitcoin price rebound to as high as $98,000 is another reason the Dogecoin and Shiba Inu prices have surged today. These meme coins share a strong positive price correlation with the flagship crypto, so they are bound to witness a rally alongside BTC. Further price surges can be expected, especially if Bitcoin rebounds above $100,000. 

Historical trends also support this Dogecoin and Shiba Inu Price surge. In the 2021 bull run, these foremost meme coins witnessed a bullish reversal in January 2021 following a wave of sell-offs in December 2020. The price rebound in January ultimately paved the way for these meme coins to reach new highs. 

What Next For These Coins

Crypto analyst Kevin Capital discussed what needs to happen for the Dogecoin price to reach a new all-time high (ATH). In an X post, he stated that Dogecoin needs to break above the macro golden pocket at $0.49, then the Fib .703 at $53, and then above $0.59. The crypto analyst remarked that a break above $0.59 would mean a new ATH is imminent. 

Meanwhile, crypto analyst Daniel Ramsey provided insights into what is next for the Shiba Inu price. In an X post, he stated that SHIB is completing the cup and handle formation and is ready to break through the strong resistance confluence of key zone and descending resistance.

The analyst added that a bullish rally is imminent. The analyst suggested that Shiba Inu could rally to as high as $0.00013965 when this bull rally begins. 

Featured image created with Dall.E, chart from Tradingview.com