BREAKING NEWS FOR SHIBA INU AND DOGECOIN HOLDERS
Shiba Inu (SHIB) and Dogecoin (DOGE) are leading the meme coin resurgence with massive rallies that have left investors in awe. However, with their 11-figure market caps, it’s safe to say that both Shiba Inu and Dogecoin have reached the point of diminishing returns and investors searching for the next 100x should look elsewhere.
Shiba Inu gears up for the next rally as volume surges
Shiba Inu has been consolidating around the $0.000024 mark over the last few days after a retracement from the $0.000029 level where selling pressure intensified. Over the last month, Shiba Inu has experienced 31% gains, placing it at the 11th place on the crypto totem pole with $14.69 billion in market capitalization.
Shiba Inu bulls are taking advantage of this dip and adding to their positions, as reflected by the 15% surge in 24-trading volume, with over $1.3 billion worth of SHIB traded on exchanges. Shiba Inu’s burn mechanism is also firing on all cylinders, reaching a 6,223% increase in SHIB removed from circulation, or roughly 290,000 tokens in a single day.
Dogecoin consolidation continues, support is holding strong
Dogecoin has also experienced a pullback that took it from $0.42 to $0.37 where consolidation has started. Over the last day, Dogecoin recorded little to no movement in terms of price action, as the broader crypto market has entered a brief cool-off phase.
Just a few hours ago, Elon Musk sent the Dogecoin community into a frenzy as he revealed that he is still holding his DOGE bag with no intention of selling any time soon. Elon Musk single-handedly reignited the Dogecoin hype with its pivotal role in Trump’s presidential victory. This is significant as the President-elect has made it clear that his administration will support and encourage cryptocurrency development in the US and in addition to this, Elon Musk is set to be head of the newly founded Department of Government Efficiency, codenamed DOGE.
