Dogecoin and Shiba Inu prices saw double-digit rallies in the last 24 hours, up 25% and 10% respectively. The leading meme coins have seen these massive price increases thanks to developments in the world US electionwhich represents an optimistic outlook for them.

Why Dogecoin and Shiba Inu price saw double-digit increases

Dogecoin and Shiba Inu price saw double-digit rallies because Donald Trump won US presidential election and is set to become the next US president. A Donald Trump victory is positive for Dogecoin and ultimately for the Shiba Inu price, which is why the market is currently pricing in this development.

In addition to Donald Trump declaring his support for cryptocurrencies, Dogecoin is expected to benefit from Trump’s victory Elon Musk proposed Department of Government Efficiency (DOGE). With the former US president likely to become the next US president, this would pave the way for the world’s richest man to push the DOGE proposal.

Musk’s DOGE will bring a lot of attention to Dogecoin due to the similarity between the acronym and the ticker symbol of the meme coin “DOGE.” He is also considered the richest man in the world gladly the main meme coin, and his DOGE proposal is seen as an indirect way to turn Dogecoin into shillings, just like he has done in the past.

Shiba Inu price has also seen an impressive rally of its own as it correlates with Dogecoin. Dogecoin and Shiba Inu It is known that price increases reflect each other. Furthermore, both have a price correlation with the Bitcoin price, which also explains why the Shiba Inu price has increased.

DOGE and SHIB whales are making their moves

DOGE and SHIB whales More coins are expected to accumulate in anticipation of further rallies for Dogecoin and Shiba Inu price. On-chain data shows that a whale recently transferred 75 million DOGE from Roobinhood to an unknown wallet, indicating that he wants to hold for the long term.

IntoTheBlock data also confirms that these whales are aggregating. Dogecoin whale transactions are up nearly 3%, with 14.5 billion DOGE traded in the last 24 hours. Meanwhile, SHIB’s concentration metric is bullish, meaning whales are adding to their current holdings. This development represents another bullish outlook for Dogecoin and Shiba Inu price as these whales could contribute to their future development Meme coins.

Meanwhile, Dogecoin and Shiba Inu prices are expected to continue rising in the coming days, especially as Musk reveals more details about the DOGE proposal following Trump’s victory. The US Federal Reserve Interest rates are also expected to be cut by at least 25 basis points (bps) on November 7th, which is bullish for the leading meme coins.

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