Both Price of Dogecoin and Shiba Inu experienced a bullish reversal over the past day, recording notable gains. With no clear developments from either camp on what might be driving the rallies, a broader market outlook may provide the answer.
Dogecoin and Shiba Inu respond to Bitcoin
The current recovery of the crypto market is driven by the pioneering cryptocurrency, Bitcoin, which is not out of the ordinary. Over the past day, Bitcoin managed to break through several resistance points and climbed above $71,000. This Bitcoin recovery has sparked a surge in positive sentiment among crypto investors, extending to people like Dogecoin and Shiba Inu.
Since the Bitcoin price recovery is the main factor why the prices of Dogecoin and Shiba Inu are up on the last day, the factors that determine the price of Bitcoin are ultimately the reason why these meme coins are also rising. This recovery is partly due to positive news from the United States.
The latest JOLTS report on US labor markets watch as the market begins to stabilize again. Apparently, the employment-to-worker ratio has now fallen to a three-year low of 1.2, and the last time it hit this low was in 2021, when the last crypto bull market took place. This comes as layoff figures decline and resignation rates among employees remain stable.
Investor confidence has also soared during this period, with more money flowing into assets such as Bitcoin and Ethereum. According to a report by CoinShares, digital asset investment products saw inflows of $185 million in the last week alone, signaling bullish sentiment not only among retail investors but also among institutional investors. All of these created a catalyst for the price surge of Bitcoin, and altcoins like Shiba Inu and Dogeocin arose in response.
SHIB overtakes DOGE
Despite the two Dogecoin and Shiba Inu Recording gains over the past day, the latter has significantly outperformed the former. Dogecoin figures saw gains of 3.7% over a 24-hour period, according to CoinGecko data. This took its price above $0.16, pushing its market capitalization to $23.6 billion.
Meanwhile, Shiba Inu posted double-digit gains, recording a total of 10.2% gains, as CoinGecko data watch. Thanks to this recovery, the piece of money has now managed to break through the $0.000026 resistance, taking its market capitalization above $15.4 billion.
However, the top two coins have lagged new investor favorite FLOKI, which is up over 24% during the same period. Other coins such as PEPE, BONK and Dogwifhat also saw an increase, with gains of 2.7%, 7.9% and 9.7% respectively.
Featured image created with Dall.E, chart from Tradingview.com
