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Dogecoin and the Shiba Inu price have recorded double-digit rallies in the last 24 hours, up 25% and 10%, respectively. The foremost meme coins have witnessed these massive price rallies thanks to developments in the US election, which present a bullish outlook for them.
Why Dogecoin And The Shiba Inu Price Recorded Double-Digit Rallies
Dogecoin and the Shiba Inu price have recorded double-digit rallies because Donald Trump has won the US presidential elections and is set to become the next US president. A Donald Trump victory is bullish for Dogecoin and, ultimately, the Shiba Inu price, which is why the market is currently pricing into this development.
In addition to Donald Trump declaring his support for cryptocurrencies, Dogecoin is set to benefit from Trump’s victory because of Elon Musk’s proposed Department of Government Efficiency (D.O.G.E). With the former US president likely to become the next US president, this would pave the way for the world’s richest man to go ahead with the D.O.G.E proposal.
Musk’s D.O.G.E will drive massive attention to Dogecoin because of the similarity between the acronym and the meme coin’s ticker ‘DOGE.’ Moreover, the world’s richest man is known to be fond of the foremost meme coin, and his D.O.G.E proposal is seen as an indirect way of shilling Dogecoin, just like he has done in the past.
The Shiba Inu price has also enjoyed an impressive rally of its own because it correlates with Dogecoin. Dogecoin and Shiba Inu are known to mirror each other’s price gains. Moreover, they both share a price correlation with the Bitcoin price, which also explains why the Shiba Inu price is up.
DOGE And SHIB Whales Are Making Their Moves
DOGE and SHIB whales look to be accumulating more coins in anticipation of more rallies for Dogecoin and the Shiba Inu price. On-chain data shows that a whale recently transferred 75 million DOGE from Roobinhood to an unknown wallet, indicating they are looking to hold for the long term.
IntoTheBlock data also confirms these whales are accumulating. Dogecoin’s whale transactions have surged by almost 3%, with 14.5 billion DOGE traded in the last 24 hours. Meanwhile, SHIB’s concentration metric is bullish, meaning that whales are adding to their current holdings. This development further paints a bullish outlook for Dogecoin and the Shiba Inu price since these whales could contribute to the future trajectory of these meme coins.
Meanwhile, Dogecoin and the Shiba Inu price are expected to keep rallying in the coming days, especially as Musk reveals more details on the D.O.G.E proposal following Trump’s victory. The US Federal Reserve is also expected to cut interest rates by at least 25 basis points (bps) on November 7, which is bullish for the foremost meme coins.
Featured image created with Dall.E, chart from Tradingview.com
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