DogeCoin and Shiba Inu Coin Surge with DoubleDigit Gains During Market Upturn

Dogecoin (DOGE) has experienced a noteworthy rebound, surging by 11% and reclaiming the $0.1097 level after a recent decline. Similarly, Shiba Inu (SHIB) has seen a remarkable increase of over 16% in the past 24 hours, reaching $0.00001572.
Today’s market recovery is being spearheaded by Bitcoin (BTC), which has surged to the $56,500 range, instilling a bullish momentum that is positively impacting almost all cryptocurrencies.
Both Dogecoin and Shiba Inu have benefited from this upward trend, showcasing significant rebounds after a prolonged period of decline.
Dogecoin, which suffered a steep drop on July 5, falling by 23% from $0.11898 to $0.09166, has now rallied by 11.33% and reclaimed the $0.1097 mark. Currently, DOGE is trading at $0.1091 and boasts a market capitalization of $15.82 billion, accounting for 0.79% of the global crypto market. Despite this recovery, its daily trading volume remains low, having decreased by 40% to $1 billion.
However, the hourly chart for DOGE/USD indicates a bullish pattern in the simple moving average (SMA) trend if the momentum continues.
Shiba Inu has also experienced a significant surge, rising by 16.2% from a low of $0.00001355 to a high of $0.00001572. At present, SHIB’s market capitalization has increased by 15% to $9.26 billion.
However, similar to DOGE, SHIB’s daily trading volume has decreased by 28% and now stands at $368 million. The movement of the memecoin’s price is being closely monitored, with expectations of a potential spike to $0.000065, which would signify a substantial return to levels last observed in late 2021.
Overall, the cryptocurrency market is witnessing a robust recovery, with memecoins leading the charge amidst widespread positive sentiment.
In other news, Grayscale has made changes to its crypto fund components, with Polygon (MATIC) being removed from the mix.