Dogecoin and SHIB are two popular tokens that have attracted many investors due to their popularity created by the endorsement of famous celebrities such as Snoop Dog and Elon Musk. Both Dogecoin (DOGE) and SHIBA Inu (SHIB) have surged by 9% in the past 24 hours, which suggests that crypto traders are placing bets on riskier bets on Bitcoin’s back-based.
Moreover, the sudden increase in the DOGE memecoin indicates it could be because of the recent Bitcoin bull trend. Therefore, no microeconomic events can influence the price of these coins, and the recent upward trend may have surged the prices of these coins.
Did X Premium User’s New Feature Surge the Prices?
On October 26, 2023, X, formerly Twitter, enabled new features such as video and audio calling; the same day, the prices surged.
Elon Musk, X CEO, has shown favoritism towards Dogecoin, often touted as his favorite coin. Therefore, Dogecoin could be the payment for the X platform, although it could be just rumors.
Moreover, Elon Musk, in a live TV show “Saturday Live” in 2021, allocated a portion of his appearance to the meme coin, which plunged Dogecoin up by 30% at that time. Recently, in April, Twitter (X) changed its logo to the dogecoin logo, which helped DOGE gain 37%.
The trading volume of these tokens also skyrocketed by 1.2 billion this week, jumping from $350 million on Monday this week. Moreover, the open interest in DOGE and SHIB futures increased by 50%, which indicates that the traders have larger bets and are expecting more volatility in the upcoming days.
Spot Bitcoin ETF Pumped ETH, SOL, and XRP
The anticipation of a potential bitcoin exchange-traded fund (ETF) contributed to a significant 30% surge in bitcoin prices over the past week, but they subsequently pulled back. Ether (ETH), Solana (SOL), and XRP also experienced gains of up to 40%.
In contrast, DOGE and SHIB saw a more modest increase of only 15% during the same time frame. Surprisingly, despite their generally higher volatility, these tokens did not perform as well as other major cryptocurrencies.
Tokenomics – DOGE
At the time of writing, DOGE is currently trading at $0.06818, up by 13.13% in 7 days and 12089.22% from all time. The market cap is $9.65B with a 24-hour daily trading volume of 468.38M.
Tokenomics – SHIB
SHIB token is currently trading at 0.000007684, down by 1.06% in 24 hours, with a market cap of $4.53B and a 24-hour daily trading volume of 154.18M.
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