Dogecoin and Shiba Inu have been climbing back up after a big drop in late February. This recovery is fueled by some positive economic news, suggesting a brighter future for these popular meme coins.
Why the Prices Are Rising
Over the past week, both Dogecoin and Shiba Inu have seen price increases. This is a welcome change after their recent slump. Several factors are contributing to this rebound:
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Weak US Job Data: The US added fewer jobs than expected in February, and unemployment rose. This could lead the Federal Reserve to ease its monetary policies, potentially cutting interest rates. Lower interest rates generally boost investor confidence in riskier assets like Dogecoin and Shiba Inu.
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Trump’s Executive Order: President Trump’s executive order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile has added legitimacy to cryptocurrencies, including Dogecoin and Shiba Inu. This could attract more investors.
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Crypto Custody Clarification: US banks are now allowed to hold crypto assets for their customers, making it easier for financial institutions to deal with Dogecoin and Shiba Inu. This is especially good news with Dogecoin ETFs potentially on the way.
What’s Next?
Analysts have differing but generally positive opinions on the future of these meme coins:
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Dogecoin: Analyst Trader Tardigrade sees a potential bull run for Dogecoin, comparing the current chart pattern to a similar one before a significant price surge in 2017.
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Shiba Inu: Analyst Javon Marks predicts a potential Shiba Inu price increase to $0.000081, a massive gain from its current price. He points to a sustained price breakout as a positive sign.
In short, a combination of positive economic indicators and regulatory developments are contributing to the recent recovery of Dogecoin and Shiba Inu. While future price movements are uncertain, the current trend looks bullish.
