of Dogecoin and Shiba Inu price Today, that number has exploded, registering significant increases in the process. This price surge for the leading meme coin comes in the wake of recent macro developments, which have provided some relief to the crypto market.
Why Dogecoin and Shiba Inu prices are soaring
CoinMarketCap data The prices of Dogecoin and Shiba Inu recorded significant gains today, indicating that the prices of the major meme coins are recovering. Dogecoin and Shiba Inu have enjoyed this price recovery following the release of lower-than-expected U.S. Producer Price Index (PPI) data, which provided reassurance to the market. cryptocurrency market.
US PPI rose to 3.3% year-on-year, lower than the initial estimate of 3.5%. this inflation data After the data was released, risk assets such as Dogecoin and Shiba Inu rebounded, which was a factor pushing up risk assets. PPI is one of the economic indicators that the Federal Reserve considers when lowering interest rates. A lower-than-expected number suggests that inflation is falling, which is bullish for risky assets like these meme coins.
With the price of Bitcoin recently exceeding $97,000, it was inevitable that the prices of Dogecoin and Shiba Inu would also skyrocket. These meme coins share a strong positive price correlation with flagship cryptocurrencies and are known to mirror their price movements. Bitcoin also reacted to positive inflation data and led broader inflation cryptocurrency market Rebound to this price.
It is clear that the inflation statistics provided some optimism to market participants who had been on the sidelines due to market uncertainty. This is especially true for Dogecoin investors, who saw a 41% surge in Dogecoin, according to IntoTheBlock data. DOGE BIG TRANSACTION $23.35 billion was traded in the last 24 hours. This sudden increase whale trading Since these investors are known to have a large influence on the market, they also contributed to the price rebound.
What’s next for these meme coins?
Crypto analysts have provided insight into what will happen next to Dogecoin and Shiba Inu prices. Cryptocurrency Analyst at X Post kevin capital He said if the market remains bullish, Dogecoin’s short-term goal is to clear the .415 Fibonacci level. The crypto analyst argued that if DOGE clears this Fib level, it could return to the macro gold pocket of $0.48.
crypto analyst master kenobi We also recently provided a bullish outlook on Dogecoin. He predicted that the most dominant meme coin could reach new highs around January 20, the day of President Donald Trump's inauguration.
for Shiba Inucrypto analyst CW said that the meme coin did not break previous lows. Therefore, the target price remains $0.00041, he said. The cryptocurrency analyst added that SHIB is expected to reach this target price sooner than the pattern highlighted in the attached chart.
Featured image created by Dall.E, chart on Tradingview.com
