In a remarkable turn of events, Dogecoin (DOGE) has surged by 10% while Shiba Inu (SHIB) has jumped 22% in the last 24 hours. This price increase is largely attributed to favorable macroeconomic developments and bullish fundamentals. Notably, the People's Bank of China announced significant rate cuts and a new stimulus package, which have positively influenced market sentiment [9927fc7c].
In the United States, recent jobless claims and GDP data indicate a robust economy, further bolstered by the US Federal Reserve's decision to cut rates by 50 basis points. These developments have contributed to Bitcoin (BTC) rising above $65,000, which has historically correlated with increases in meme coin prices like Dogecoin and Shiba Inu [9927fc7c].
Additionally, on-chain analytics reveal a surge in Dogecoin's network activity, with 28,000 new addresses created recently, indicating heightened interest in the cryptocurrency. This influx has contributed to a 27% increase in non-empty Dogecoin addresses over the past six months [d2adf2b8].
Moreover, the QED Protocol has announced a partnership with Nexus to develop a zero-knowledge virtual machine on the Dogecoin network, further enhancing its technological capabilities [9927fc7c]. Meanwhile, Shiba Inu is preparing to launch its SHI stablecoin, which is expected to attract more investors [9927fc7c].
Crypto analyst Ali Martinez has predicted that Dogecoin could reach $0.150, while Shiba Inu has historically recorded positive returns in October. Notably, large investors, or 'whales', are accumulating both DOGE and SHIB in anticipation of further price rallies [9927fc7c].