Dogecoin (DOGE) has bounced back by 11% from recent lows, reclaiming the $0.1097 level, while Shiba Inu (SHIB) has surged over 16% in the last 24 hours to reach $0.00001572.
Today marks a significant turnaround in the global cryptocurrency market, with Bitcoin (BTC) leading the way by surging to the $56,500 zone. This bullish momentum has had a positive impact on almost all cryptocurrencies, resulting in notable gains across the board.
Following this upward trend, both Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant rebounds after a prolonged period of decline.
Current Stats for Dogecoin and Shiba Inu
Dogecoin suffered a sharp drop on July 5, falling by 23% from $0.11898 to $0.09166. However, it has rallied by 11.33% since then, reclaiming the $0.1097 mark. Currently, DOGE is trading at $0.1091, with a market capitalization of $15.82 billion, accounting for 0.79% of the global crypto market. Despite the recovery, its daily trading volume remains low, having decreased by 40% to $1 billion.
The simple moving average (SMA) trend for DOGE/USD on the hourly chart indicates a bullish pattern if the momentum continues.
Shiba Inu has also seen a significant surge, rising by 16.2% from a low of $0.00001355 to a high of $0.00001572. At present, SHIB’s market cap has increased by 15% to $9.26 billion.
Similar to DOGE, SHIB’s daily trading volume has dropped by 28%, now standing at $368 million. The movement of the memecoin’s price is closely watched, with expectations of a potential spike to $0.000065, marking a notable return to levels last seen in late 2021.
Overall, the cryptocurrency market is experiencing a strong recovery, with memecoins leading the way amidst a generally positive sentiment.
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