Dogecoin, Shiba Inu Explode Over 10%: Is This The Mother Of All Bull Market Rallies?

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.

$Shib#Shib Already Running In 50% Profit So Far & Now Verge On Another Descending Broadening Wedge Expecting Another 2x Incase Of Successful Breakout https://t.co/YPxA9ByPk3 pic.twitter.com/ftL0x5HsSW

— World Of Charts (@WorldOfCharts1) October 29, 2024

Meanwhile, trader Daink sees Dogecoin on a path toward new highs, with TheCrowtrades dubbing DOGE the cycle's "obvious play."

$DOGE is the most obvious play of this cycle.

But you won't believe it. pic.twitter.com/xs4NZn4H3f

— CROW (@TheCrowtrades) October 29, 2024

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.

Read Next: 

• Trader Shares 3-Point Strategy To Win With Meme Coins—Here’s Where Dogecoin, Shiba Inu Come In

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