Dogecoin is up 10%, and Shiba Inu has spiked 5%! What’s going on?
As of October 16, 2024, analysts think that a potential Trump victory could boost the excitement around Dogecoin (DOGE) and increase the chances for an ETF. Meanwhile, Dogecoin is seeing more large transactions, and Shiba Inu has burned 3 million tokens.
Both Dogecoin and Shiba Inu are making headlines. Dogecoin is benefiting from buzz on social media, especially with talks of Elon Musk possibly leading a new “D.O.G.E” department.
Here’s what you need to know:
- Dogecoin: $0.1256 | Market cap: $18.386 billion | 24-hour change: +11.2% | 7-day change: +15.1%
- Shiba Inu: $0.00001875 | Market cap: $11.04 billion | 24-hour change: +5.2% | 7-day change: +7.2%
- D.O.G.E: $0.026 | Market cap: $25.68 million | 24-hour change: +122.4% | 7-day change: +152.4%
Crypto experts are buzzing about how a Trump win could impact certain cryptocurrencies, especially those linked to Dogecoin. Andrew Kang suggests that investing in Dogecoin and similar meme coins might be a smart way to bet on a “Trump Victory.” He points out that a Dogecoin ETF could become more likely and that a new government department could keep Dogecoin in the news.
Another analyst, Unipcs, agrees. They say, “It’s hard not to feel optimistic about both doges if you think Trump is going to win.”
Here are some key statistics:
According to IntoTheBlock, Dogecoin's large transaction volume is up by 4.6%. However, daily active addresses have dropped by 1.5%. The number of transactions over $100,000 has increased from 317 to 394 in just one day.
On the other hand, Shiba Inu's large transaction volume has decreased by 24.5%, but daily active addresses are up by 17.2%. Shiba Inu has also burned around 3 million SHIB coins from its ecosystem in the last 24 hours.
Community highlights:
The official Dogecoin account recently noticed a Shiba Inu-themed easter egg in Tesla’s Robotaxi presentation. The Dogecoin-themed account, Doge Designer, speculated whether Musk might allow purchases with Dogecoin in the future.
What’s next?
The impact of meme coins will be a hot topic at Benzinga’s Future of Digital Assets event on November 19.
In other news, Shiba Inu has burned 277 million coins in one transaction. Keep an eye on these levels for a potential bullish rally!
This content was partially created with AI tools and reviewed by Benzinga editors.
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