CoinEfficiency

DOGE and SHIB Surge: Meme Coins See Significant Gains This Week

Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced notable price increases, with DOGE gaining over 14% in 24 hours and SHIB rising by more than 10%. Both meme coins continue to show strong momentum in the crypto market.
Published on 2022-10-29

DOGE and SHIB Surge: Meme Coins See Significant Gains This Week

Strong Performance for Meme Coins

Dogecoin (DOGE) and Shiba Inu (SHIB), two of the largest meme coins by market capitalization, have seen substantial price increases over the past week. DOGE is currently trading at $0.08534, reflecting a 14.54% gain in the last 24 hours and a notable 44% increase over the past week. SHIB is trading at $0.00001164, with a 10.82% rise in the last day and a 16.82% gain for the week.

Technical Indicators Suggest Continued Momentum

The daily chart for DOGE indicates a bullish trend, with key technical indicators supporting further price growth. The 9 EMA has crossed above the 20 EMA, and the MACD line has surpassed the MACD signal line, both of which are bullish signals. Additionally, the gap between the 9 EMA and 20 EMA lines is widening, along with the divergence between the MACD and MACD signal lines, suggesting sustained momentum.

Market Sentiment and Trading Volume

The price movement of DOGE and SHIB has been accompanied by increased trading volume, a common indicator of strong market sentiment. The DOGE/BTC price ratio has reached its highest level since January, further highlighting the meme coin's strength in the cryptocurrency market.

Conclusion

The recent price surge of DOGE and SHIB underscores the ongoing interest in meme coins within the crypto market. While the current indicators are bullish, investors should remain cautious and conduct thorough research before making any trading decisions.

Disclaimer: The information provided is based on market data and should not be considered as investment advice. Readers are advised to do their own research and exercise caution when engaging in cryptocurrency trading.

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