Why Is The Dogecoin And Shiba Inu Price Rallying Today?

Both the Dogecoin and Shiba Inu prices have seen a bullish reversal in the last day, notching notable gains while at it. With no clear development from either camp as to what could be driving the recoveries, a broader market outlook might have the answer to it.

Dogecoin And Shiba Inu Respond To Bitcoin

The current crypto market recovery is being spurred on by the pioneer cryptocurrency, Bitcoin, which is not out of the ordinary. In the last day, Bitcoin has been able to break multiple resistance points and has climbed above $71,000 while at it. This Bitcoin recovery has triggered renewed positive sentiment among crypto investors, spreading out to the likes of Dogecoin and Shiba Inu.

Since the Bitcoin price recovery is the main driver for why the prices of Dogecoin and Shiba Inu are up in the last day, the factors driving the Bitcoin price are ultimately the reason why these meme coins are surging as well. This recovery is, in part, being driven by positive news coming out of the United States.

The latest JOLTS report on the US job markets shows that the market is starting to stabilize once more. Apparently, the job-to-worker ratio has now fallen to a three-year low of 1.2, and the last time it was this low was back in 2021, when the last crypto bull market occurred. This comes as layoff figures drop and quitting rates among employees remain stable.

Investor sentiment has also exploded during this time, with more money flowing into assets such as Bitcoin and Ethereum. According to a CoinShares report, digital asset investment products saw inflows of $185 million in the last week alone, signaling bullish sentiment not just among retail investors but among institutional investors as well. All of these have created a catalyst for the Bitcoin price surge, and altcoins like Shiba Inu and Dogeocin have surged in response.

SHIB Gains Surpass DOGE

Despite both Dogecoin and Shiba Inu seeing gains in the last day, the latter has outperformed the former by a large margin. Dogecoin’s figures came in with 3.7% gains in the 24-hour period, according to data from CoinGecko. This brought its price above $0.16, pushing its market cap to $23.6 billion.

Meanwhile, Shiba Inu has seen double-digit gains, recording a total of 10.2% gains, as CoinGecko data shows. As a result of this recovery, the meme coin has now successfully cleared the $0.000026 resistance, bringing its market cap above $15.4 billion.

However, both top meme coins have fallen behind new investor favorite, FLOKI, which rose more than 24% in the same time period. Other meme coins such as PEPE, BONK, and Dogwifhat have also seen an upside, with 2.7%, 7.9%, and 9.7% gains, respectively.

Dogecoin price chart from Tradingview.com (Shiba Inu)

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