Dogecoin Up 10%, Shiba Inu Rises 6%: What's Driving The Surge?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are gaining momentum, trading significantly up on Tuesday morning.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.3475	$51.3 billion	+9.7%	-10.1%
Shiba Inu SHIB/USD	$0.00002133	$12.6 billion	+6%	-10.1%
Pepe PEPE/USD	$0.00001721	$7.2 billion	+6.6%	-15.4%

Trader Notes: Crypto trader Kevin highlighted that Dogecoin's price action remains strong as long as it holds above $0.26 within its bullish falling channel.

He noted that a breakout could target a potential move toward $1.30, although achieving this level would require substantial progress.

I said this on the premium members stream yesterday and I will say it here. As long as #Dogecoin is above .26 cents and trading in this bullish falling channel then higher prices are to be expected. Measured move target of this pattern is $1.30 if it breaks out. Lot's of work to… pic.twitter.com/dN695gUwV4
— Kevin (@Kev_Capital_TA) January 13, 2025

Other traders, like Altcoin Sherpa and Scofield, echoed a cautiously optimistic outlook.

Sherpa sees DOGE as being in a favorable spot, while Scofield emphasized that patience will pay off for Dogecoin holders.

Shiba Inu's Relative Strength Index (RSI) sits at 50, indicating a neutral market sentiment.

Benzinga's technical analysis noted potential volatility based on the simple moving averages (SMA).

The 200-day SMA recently crossed above and back below the 50-day and 100-day SMAs, signaling market indecision. Observing trading volumes during these crosses can provide additional insights:

High volume: Signals strong conviction in price direction.
Low volume: Suggests weak follow-through.

Statistics: According to Shibburn, Shiba Inu's burn rate surged 2,229.01% in the past 24 hours, driven by the burning of 21.07 million tokens, including a single transaction involving 18.97 million tokens.

IntoTheBlock data shows Shiba Inu large transaction volume spiked 505.91% in a single day while transactions greater than $100,000 soared from 59 to 188.

Community News: In a recent post on X (formerly Twitter), Elon Musk expressed appreciation for Donald Trump and government support for Dogecoin, which may have contributed to DOGE's price rally.

Musk's remarks, coupled with Bitcoin's bullish momentum, could have sparked investor enthusiasm.

Shiba Inu announced the launch of WHY Combinator, a decentralized program to nurture meme coin projects.

This initiative aims to enhance the application of Shiba Inu technologies and boost the significance of the BONE token within the network.

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