The recent price increases of Dogecoin and Shiba Inu are mainly due to the recovery in Bitcoin prices. The same factors driving Bitcoin's price up are also boosting these meme coins. Positive news from the US is supporting this comeback. The latest JOLTS survey shows signs of job market stabilization in the United States, with the job-to-worker ratio hitting its lowest point in three years at 1.2. The last similar low was in 2021, during the previous Bitcoin bull market. While layoffs have decreased, employee turnover rates have remained stable.
At the same time, investor confidence has surged, leading to a significant influx of capital into digital assets like Bitcoin and Ethereum. According to a CoinShares study, digital asset investment products saw $185 million in inflows just last week, indicating strong market sentiment among both retail and institutional investors. These factors have led to a surge in Bitcoin's price, which has also lifted altcoins like Shiba Inu and Dogecoin.
In the past 24 hours, both Dogecoin and Shiba Inu have seen price increases, with Shiba Inu performing particularly well. CoinGecko data shows Dogecoin rising by 3.7%, pushing its market valuation to $23.6 billion and its price past $0.16. Shiba Inu, on the other hand, has seen a 10.2% increase, raising its market value to over $15.4 billion and surpassing the $0.000026 barrier.
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