In the ever-volatile world of cryptocurrencies, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have made headlines again, rallying significantly over the last 24 hours. Both coins have seen a surge in value, thanks to favorable macroeconomic events and an influx of investments from both large and retail traders.
On-chain data supports this rise, showing that both meme coins are gaining attention, and analysts are now setting new price targets for these assets alongside a new TradFi token FXGuys.
Why Dogecoin and Shiba Inu Prices Are Up
The recent surge in Dogecoin and Shiba Inu prices can be largely attributed to the U.S. Federal Reserve's decision to cut interest rates by 50 basis points (bps).
The move has injected bullish momentum into risk assets like DOGE and SHIB, as lower interest rates tend to encourage investors to take on more risk, pouring more capital into these assets. Meme coins, which often see exaggerated price movements during bullish trends, are now benefiting from this shift in investor sentiment.
Prior to this macroeconomic development, both Dogecoin and Shiba Inu had seen stagnant price action, largely due to a lack of demand across the broader crypto market.
Even Bitcoin (BTC), the flagship cryptocurrency, had struggled to maintain its value above the $60,000 mark. However, the rate cut has reversed this trend, with Dogecoin and Shiba Inu both riding the wave of renewed optimism in the crypto market.
One critical factor driving the price rise of Dogecoin and Shiba Inu is their strong positive price correlation with Bitcoin. Data from IntoTheBlock, a leading market intelligence platform, reveals that Dogecoin’s correlation with Bitcoin is 0.87, while Shiba Inu’s correlation stands at 0.85. This means that as Bitcoin rises, both DOGE and SHIB tend to follow suit.
Given Bitcoin’s own upward momentum following the Federal Reserve’s rate cut, it’s no surprise that both Dogecoin and Shiba Inu have seen similar surges.
FXGuys: A Growing Contender in the Altcoin Space
While Dogecoin and Shiba Inu are drawing attention, another altcoin worth noting is FXGuys' native token, $FXG. FXGuys is a decentralized forex trading platform that combines traditional finance (TradFi) principles with decentralized finance (DeFi) models, offering unique opportunities for traders.
One standout feature of FXGuys is its Trade2Earn model, where users earn $FXG tokens with every trade, creating continuous value for traders. Additionally, FXGuys offers a prop firm funding program, giving traders access to capital and leverage, boosting their potential earnings.
Currently, $FXG is in Stage 1 of the presale, priced at $0.03 per token, with significant growth potential as the token is expected to launch at $0.10. This represents a potential 566% return for early investors.
Conclusion: Meme Coins Target New Highs
With the U.S. Federal Reserve’s rate cut and the Bank of Japan’s decision to maintain low interest rates, Dogecoin and Shiba Inu are poised for continued growth. Both meme coins have shown strong correlations with Bitcoin, and as the broader crypto market trends upward, these tokens are likely to follow suit.
For those seeking alternative investment opportunities, $FXG is emerging as a strong contender in the altcoin space, with its innovative features and presale potential. As the market for meme coins and altcoins heats up, keeping an eye on these assets could lead to significant rewards in the months ahead.
