Meme coins Dogecoin and Shiba Inu have been on a tear lately, with both seeing double-digit gains in the past 24 hours. Dogecoin jumped 25%, while Shiba Inu climbed 10%. What’s driving this sudden surge? Let’s dive in.
Trump’s Win: A Boost for Crypto?
The recent US election results have played a big role in the meme coin rally. With Donald Trump’s victory, the market is anticipating a bullish outlook for cryptocurrencies. Trump has been a vocal supporter of crypto, and his win is seen as a positive sign for the industry.
Elon Musk’s D.O.G.E Proposal: A Dogecoin Game Changer?
One of the key factors driving Dogecoin’s surge is Elon Musk’s proposed “Department of Government Efficiency” (D.O.G.E). With Trump’s victory, Musk’s proposal has gained momentum, as it could be implemented under a Trump administration. The acronym D.O.G.E. is eerily similar to Dogecoin’s ticker symbol “DOGE,” which has sparked a lot of excitement among Dogecoin enthusiasts. Musk’s known love for Dogecoin and his past “shilling” of the coin have further fueled speculation that D.O.G.E. could be a major boost for Dogecoin.
Shiba Inu’s Rise: Riding Dogecoin’s Coattails
Shiba Inu’s impressive rally is closely tied to Dogecoin’s success. These two meme coins often move in tandem, with their prices mirroring each other. They also share a correlation with Bitcoin’s price, which explains Shiba Inu’s recent gains.
Whales Are Accumulating
Large investors, known as “whales,” are actively accumulating both Dogecoin and Shiba Inu, suggesting they believe these coins are poised for further growth. Recent on-chain data shows a whale transferring 75 million DOGE to an unknown wallet, indicating a long-term holding strategy. Data from IntoTheBlock also confirms this accumulation trend, with a surge in whale transactions for both Dogecoin and Shiba Inu.
Looking Ahead: More Gains on the Horizon?
With Musk’s D.O.G.E proposal gaining traction and the Federal Reserve expected to cut interest rates, Dogecoin and Shiba Inu are likely to continue their upward trajectory in the coming days. The meme coin market is buzzing with excitement, and the future looks bright for these digital assets.
