Shiba Inu And Dogecoin Price Notch Over 10% Gains In 24 Hours, What’s Driving It?
The post Shiba Inu And Dogecoin Price Notch Over 10% Gains In 24 Hours, What’s Driving It? appeared on BitcoinEthereumNews.com.
Meme coins Dogecoin and Shiba Inu are on double-digit gains in the past 24 hours, leaving many holders in gains overnight. Dogecoin, often hailed as the king of meme cryptocurrencies, has led this rally with a 16% increase in 24 hours, quickly breaking through significant resistance levels at $0.15 and $0.16. The rally isn’t limited to DOGE alone. Shiba Inu, another popular meme coin, has also benefited from the positive sentiment in the market, recording an approximate 10% gain within the same timeframe. This surge in the prices of Dogecoin and Shiba Inu can be attributed to recent dynamics in the US election landscape, which have spurred broader interest in the cryptocurrency market. Interestingly, this interest has also pushed Bitcoin to now trading at a six-month high above $71,000. Dogecoin And Shiba Inu Pump After Trump Rally While speaking at a Trump rally held on Sunday in New York’s Madison Square Garden, Musk made a brief speech during which he made a reference to something he called the Department of Government Efficiency. The term, seemingly random at first, has sparked considerable attention among meme coin fans, particularly Dogecoin enthusiasts. When abbreviated, ‘Department of Government Efficiency’ spells out DOGE, aligning perfectly with Dogecoin’s ticker symbol. This connection has taken hold in the meme coin community since Musk first coined the term in early October, with many of them expecting a substantial rally if Donald Trump were to win the upcoming election. The excitement was amplified shortly after Musk’s appearance at the rally, when he posted a meme on social media platform X later that day featuring himself alongside the iconic DOGE avatar. pic.twitter.com/y0UCd5NvMj — Elon Musk (@elonmusk) October 28, 2024 This playful nod to the Dogecoin avatar, which current has over 56.4 million views on the platform, sent social media into…
Filed under: News - @ October 29, 2024 9:26 pm