Dogecoin and the Shiba Inu price have recorded double-digit rallies within the last 24 hours, up 25% and 10%, respectively. The foremost meme coins have witnessed these massive price rallies due to developments within the US election, which present a bullish outlook for them. 

Why Dogecoin And The Shiba Inu Price Recorded Double-Digit Rallies

Dogecoin and the Shiba Inu price have recorded double-digit rallies because Donald Trump has won the US presidential elections and is ready to grow to be the following US president. A Donald Trump victory is bullish for Dogecoin and, ultimately, the Shiba Inu price, which is why the market is currently pricing into this development. 

Along with Donald Trump declaring his support for cryptocurrencies, Dogecoin is ready to learn from Trump’s victory due to Elon Musk’s proposed Department of Government Efficiency (D.O.G.E). With the previous US president prone to grow to be the following US president, this might pave the best way for the world’s richest man to go ahead with the D.O.G.E proposal.

Musk’s D.O.G.E will drive massive attention to Dogecoin due to similarity between the acronym and the meme coin’s ticker ‘DOGE.’ Furthermore, the world’s richest man is thought to be fond of the foremost meme coin, and his D.O.G.E proposal is seen as an indirect way of shilling Dogecoin, identical to he has done up to now. 

The Shiba Inu price has also enjoyed a powerful rally of its own since it correlates with Dogecoin. Dogecoin and Shiba Inu are known to mirror one another’s price gains. Furthermore, they each share a price correlation with the Bitcoin price, which also explains why the Shiba Inu price is up.  

DOGE And SHIB Whales Are Making Their Moves

DOGE and SHIB whales look to be accumulating more coins in anticipation of more rallies for Dogecoin and the Shiba Inu price. On-chain data shows that a whale recently transferred 75 million DOGE from Roobinhood to an unknown wallet, indicating they want to hold for the long run. 

IntoTheBlock data also confirms these whales are accumulating. Dogecoin’s whale transactions have surged by almost 3%, with 14.5 billion DOGE traded within the last 24 hours. Meanwhile, SHIB’s concentration metric is bullish, meaning that whales are adding to their current holdings. This development further paints a bullish outlook for Dogecoin and the Shiba Inu price since these whales could contribute to the long run trajectory of those meme coins. 

Meanwhile, Dogecoin and the Shiba Inu price are expected to maintain rallying in the approaching days, especially as Musk reveals more details on the D.O.G.E proposal following Trump’s victory. The US Federal Reserve can be expected to chop rates of interest by no less than 25 basis points (bps) on November 7, which is bullish for the foremost meme coins. 

Featured image created with Dall.E, chart from Tradingview.com