DOGE and SHIB tried to keep up with the bitcoin rally that the first cryptocurrency experienced in January. However, the result was not that significant. While BTC rose by 44.5%, the two most popular meme tokens managed to gain only 27% and 40.7%, respectively.
Experts conclude that Doge needs a strong catalyst to continue rising. Elon Musk, who has always been the coin’s biggest fan, is rumored to be developing an independent cryptocurrency for Twitter. This is extremely negative for the Dogecoin exchange rate.
The Google Trends rankings for Dogecoin and Shiba Inu are as follows:
Overall, both coins are in need of growth drivers right now. Especially in light of what has been happening in the cryptocurrency market lately.
Despite the fact that there is a possibility that these altcoins will follow bitcoin if it goes up in price, one should not forget about the high market volatility as well as the strong competition from other cryptocurrencies. If the fall is too strong, it will be extremely difficult to regain positions without the support of Ilon Musk.
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The contents of this article are not to be construed as legal, business, investment, or tax advice.
This article is intended for use and should be used for informational purposes only.
