Bitcoin’s Influence
The recent rally in Dogecoin and Shiba Inu prices is largely attributed to Bitcoin’s bullish trend. Bitcoin’s rise above $71,000 has boosted investor sentiment, spilling over to meme coins.
Positive Economic Indicators
The U.S. job market is stabilizing, with a drop in layoff figures and a low job-to-worker ratio. This positive news has boosted investor confidence in digital assets.
Institutional Investment
According to CoinShares, digital asset investment products have seen significant inflows, indicating bullish sentiment among institutional investors. This has contributed to the Bitcoin surge and, by extension, the rise in meme coin prices.
Shiba Inu Outperforms Dogecoin
While both Dogecoin and Shiba Inu have rallied, Shiba Inu has outperformed its counterpart. Shiba Inu’s double-digit gains have pushed it above the $0.000026 resistance level, while Dogecoin’s gains have been more modest.
Other Meme Coins
Other meme coins have also benefited from the rally, including FLOKI, PEPE, BONK, and Dogwifhat. These coins have posted gains ranging from 2.7% to 9.7%.
