Dogecoin Rallied 4.5%, ‘Dogecoin Killer’ Shiba Inu 8%: What Is Going On?
By Benzinga
Meme coin leaders Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have rallied 4.5% and 8% after the announcement of a 50-basis points rate cut in interest rates.
What Happened: Interest rate cuts have prompted crypto traders to predict bullish momentum for the cryptocurrency markets.
Crypto trader Javon Marks reaffirmed his call for a 470% bullish run for Shiba Inu, with the first target at $0.000081. He added that the current breakout could be “the catalyst for significant upside movement towards the meeting of this target.”
Crypto trader Kevin says Dogecoin is a few weeks away from completing its first golden cross in more than four years. In another tweet, he added that Dogecoin is “ready to moon” soon and he has the data to support it. He predicted,
“If we get a true bull this cycle then my price targets are .93 cents (Good performance) – $2.27 (Huge outperformance) – $3.80 (Astronomical performance).”
Crypto Yapper noted Dogecoin has a falling wedge formation on the daily chart nearing an apex. He sets his breakout target at $0.20.
Also Read: Dogecoin Will Outperform Bitcoin In 2025, Vows Trader: Here’s What The ‘Follower Effect’ Means
Why It Matters: IntoTheBlock data shows an increase of 11.8% in Dogecoin’s large transaction volume and a 75.3% fall in Shiba Inu’s whale transactions. Daily active addresses on DOGE and SHIB dropped 20.4% and increased by 1.1%, respectively.
Shibburn data shows 240,000 SHIB coins were burned in the past 24 hours with the current burn rate down by 92.7%. Shibariumscan data shows daily transactions spiked from 4,540 to 7,720 in a single day.
On a year-to-date basis, DOGE and SHIB have accumulated 16.7% and 36% gains, respectively, while the past seven-day gains stand at 2.5% and 5.4% respectively.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
