Dogecoin and Shiba Inu Prices Experience a Significant Surge
In recent developments, Dogecoin and Shiba Inu, two of the leading meme cryptocurrencies, have seen an impressive price increase. This upward trend is attributed to various market influences, including the United States Federal Reserve’s potential shift towards more accommodative monetary policies.
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Factors Influencing the Rise of Dogecoin and Shiba Inu Prices
According to data from CoinMarketCap, Dogecoin and Shiba Inu have experienced respective gains of over 3% and 2% within the past 24 hours. This positive trend followed the Federal Open Market Committee (FOMC) meeting on March 19, where the US Federal Reserve indicated a possible relaxation of its monetary strategies. Notably, the Federal Reserve announced a slowdown in its balance sheet runoff starting April 1.
Impact of Monetary Policy Changes
The balance sheet runoff is a key component of the quantitative tightening (QT) measures implemented by the US Central Bank. By decelerating this process, the door opens for quantitative easing (QE) strategies, which is favorable for both Dogecoin and Shiba Inu. This shift is likely to enhance investor confidence, encouraging them to allocate more resources into these meme coins.
Ripple’s Legal Victory: A Boon for the Crypto Market
In addition to these developments, Ripple CEO Brad Garlinghouse recently announced that the US Securities and Exchange Commission (SEC) has decided to drop its lawsuit against Ripple. This positive outcome has bolstered the entire cryptocurrency market, including Dogecoin and Shiba Inu, which saw price increases alongside XRP following the news.
Introduction of Regulated XRP Futures: A Positive Signal
Further supporting the rally, Bitnomial has introduced the first-ever CFTC-regulated XRP Futures in the United States. This move is promising for Dogecoin and Shiba Inu, as it could lead to the emergence of regulated Futures products for these meme coins, attracting more institutional investments.
Bitcoin’s Bullish Momentum
Additionally, Bitcoin’s price surge to $87,000 after the Federal Reserve’s announcement has had a ripple effect on Dogecoin and Shiba Inu due to their strong correlation with Bitcoin. The renewed bullish sentiment in Bitcoin has inspired confidence among investors, prompting increased capital allocation to these meme coins.
Future Prospects for Dogecoin and Shiba Inu
Technical Analysis of Dogecoin
Renowned crypto analyst Trader Tardigrade has identified a bullish pattern in Dogecoin’s 4-hour chart, suggesting a potential breakout from a symmetrical triangle. This indicates a possible bullish reversal, with short-term predictions pointing towards a rise to $0.19, potentially leading to further upward movements.
Shiba Inu’s Promising Outlook
Shiba Inu also presents a positive future, with token burns increasing over 800% in the past week, resulting in the destruction of 551 million tokens. Crypto expert Javon Marks predicts that Shiba Inu may approach or even surpass its current all-time high (ATH).
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