Doge and Shiba Inu Fail to Impress Following Approval of Bitcoin ETF

Over the past day, DOGE and SHIB have experienced a 5% and 4% increase in value, respectively. Despite these gains, bearish forces still maintain control in both markets

Meme-based cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), experienced modest gains of 5% and 4% respectively within the past 24 hours. This increase followed the recent approval of a Bitcoin ETF by the Securities and Exchange Commission (SEC).

As of the latest update, DOGE was trading at $0.08264, while SHIB was valued at $0.00000994, based on CoinMarketCap data.

DOGE bulls beware

Caution is advised for DOGE enthusiasts, as the positive momentum resulting from the BTC ETF approval manifested in a slight upward crossover of DOGE's MACD with its trend line on a 12-hour chart. While this typically signifies the beginning of a new bullish cycle, it's important to highlight that the demand for DOGE remained relatively subdued.