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Here’s Why The Dogecoin And Shiba Inu Prices Are Surging Today
The cryptocurrency market has been experiencing significant fluctuations lately, and today is no exception. Amidst the chaos, two of the most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen a substantial surge in their prices.
As reported by several crypto analytics platforms, including IntoTheBlock, a massive influx of large transactions has been observed in both DOGE and SHIB. This sudden spike is largely attributed to the positive inflation data released earlier today. The unexpected result prompted investors to re-enter the market, leading to an increase in trading volume and ultimately, a surge in their respective prices.
One notable trend that stands out is the massive surge in Dogecoin’s large transactions. Data provided by IntoTheBlock shows a 41% increase in such transactions within the last 24 hours, with a staggering $23.35 billion traded during this period. This significant move can be directly linked to Whale activity, as these investors are known to have an enormous impact on market sentiment and price action.
Moreover, Dogecoin is currently on track to set a new local high, and experts believe that clearing the .415 Fibonacci level could propel DOGE towards its macro golden pocket at $0.48 if the market remains bullish.
In addition, the crypto analyst Kevin Capital has shared his insights, stating that DOGE might aim for a new high around January 20, coinciding with Donald Trump’s inauguration day.
Source: bitcoinist.com
