Zinger Key Points
- Dogecoin and Shiba Inu posted double-digit gains as Bitcoin breached $72,000.
- Traders forecast potential 2x gains if Shiba Inu successfully breaks out, while Dogecoin is noted as the "obvious play."
Dogecoin DOGE/USD and Shiba Inu SHIB/USD surged, riding Bitcoin's BTC/USD upward momentum past $72,000.
What Happened: Coinmarketcap data shows meme coins nearing a $71 billion market cap, up 14.6% over 24 hours. Market optimism follows rising election odds for Donald Trump, with top meme coins Dogecoin, Shiba Inu and Pepe PEPE/USD all seeing strong gains. Dogecoin gained further traction after Elon Musk's recent nod to DOGE at a Trump rally.
Meanwhile, Shiba Inu's 24-hour burn rate spiked 436%, removing 52.3 million coins from circulation, driving prices higher.
| Cryptocurrency | Price | Market cap | 24-hour trend | 30-Day Trend |
| Dogecoin DOGE/USD | $0.1766 | $25.9 billion | +17.3% | +39.2% |
| Shiba Inu DOGE/USD | $0.00001933 | $11.4 billion | +12.4% | Relatively flat |
Also Read: The Hottest Sectors In Crypto? AI, Memes And One Surprise, Says Veteran Analyst
Statistics: IntoTheBlock data shows Dogecoin large transaction volume increasing by 121.7% and daily active addresses spiking by 86.3%. Transactions greater than $100,000 are up from 385 to 895 in a single day. Exchanges netflows are up by 636.4%.
On the other hand, Shiba Inu large transaction volume expanded by 341.3%, while transactions greater than $100,000 rose to 170 from 44 in single day.
Trader Notes: Crypto trader World Of Charts noted Shiba Inu's 50% recent gain and suggested another potential 2x rise if it breaks out of a descending broadening wedge.
Meanwhile, trader Daink sees Dogecoin on a path toward new highs, with TheCrowtrades dubbing DOGE the cycle's "obvious play."
What's Next: The influence of meme coins is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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