Bitcoin‘s price has soared above $67,500 and is eyeing the $69,000 mark. Following a Federal Reserve meeting, the easing of pressures on risk markets has boosted investor confidence. The upcoming ETF volumes could play a critical role in pushing the value over $70,000. Concurrently, Dogecoin and Shiba Inu are vying for dominance in the meme coin sector.
Surge in Dogecoin’s Value
Dogecoin has rebounded towards $0.15 after mirroring Bitcoin’s recent uptick in value. Despite a 26% drop over ten days, it’s showing upward momentum once again. Dogecoin holders are witnessing a potential signal for recovery as profitability margins return to the -10% region, historically indicative of a price upswing. Shiba Coin, although not demonstrating the same recovery signal, has marked a 7% daily increase.
Dogecoin’s trajectory could lead to new peaks beyond $0.15 if the current rise driven by profitability sustains. However, the picture could change if Bitcoin’s gains are short-lived, potentially sending Dogecoin’s price tumbling to between $0.11 and $0.1 with significant closes below $0.127.
DOGE Outshines SHIB
Shiba Coin’s team has hinted at upcoming announcements intended to propel them to the top of the meme coin rankings, relying on their community, Shibarium platform, and secretive projects. Dogecoin, on the other hand, is leveraging tangible assets to rebuild its strength. After surpassing $0.14, Dogecoin is setting its sights on breaking past $0.3 following a period of decline.
Coinbase‘s intent to include Dogecoin in futures trading could further cement its position. An upcoming decision by the U.S. Commodity Futures Trading Commission could categorize DOGE as a commodity, potentially freeing it from SEC scrutiny. This classification could attract investors eager to dodge legal uncertainties. Nevertheless, the future remains unpredictable, with the CFTC’s decision looming and Bitcoin’s volatility potentially affecting Dogecoin’s stability.