Meme Coins Shiba Inu and Dogecoin See Volatile Market Movements

By: Isha Das

In a series of noteworthy developments, meme coin prices have demonstrated significant volatility. Shiba Inu (SHIB) and Dogecoin (DOGE) have been at the heart of these market fluctuations. While SHIB logged over $1.7 billion in volumes on a regulated exchange in the past 24 hours, its price also saw a brief 50% drop. On the other hand, DOGE experienced a strong rally, with prices pumping to $0.20. This marked a 100% rise against the US Dollar and optimism is budding for a further rise to $0.25.

The strong increase has led DOGE to outperform Bitcoin and Ethereum. DOGE is trading well above the $0.180 level and the 100 simple moving average (SMA). A connecting bullish trendline formed support at $0.1620, suggesting the rally might extend beyond the $0.200 and $0.2120 resistance levels. Meanwhile, the journey of SHIB has been equally astounding, marking a two-year high of $0.00004574.

This dramatic surge has been driven by a host of factors. First and foremost, Bitcoin’s rally and its implications for altcoins play a significant role. As BTC gains legitimacy and inches towards its all-time high, investors are encouraged to explore high-risk assets. The phenomenon of Fear of Missing Out (FOMO) feeds into this, driving up prices in a self-reinforcing cycle. Another influencing factor is the appealing community-driven speculation wave. This coupled with the global accessibility makes meme coins an attractive entry point for new investors in the crypto market.