Dogecoin and Shiba Inu Surge Sparks Bull Run Predictions

On October 11, 2024, Dogecoin and Shiba Inu experienced a notable price spike, prompting traders to speculate about a potential bull run for these meme coins. An analyst known as 'Kevin' shared insights on social media, indicating that Dogecoin is attempting to establish a bullish retest of its macro falling wedge after a significant correction. Following a 5% price increase, he suggested that this might be the last chance to buy Dogecoin at current prices. Meanwhile, Shiba Inu has reportedly broken out of a falling wedge pattern, with predictions of a 342% rally ahead. The analysis highlights a critical phase in Dogecoin's market cycle, suggesting that if the bullish retest is successful, it could lead to a substantial increase in value. Shiba Inu has already seen a 34% increase over the past month, and its burn rate has surged by 83.4% in the last 24 hours, indicating a strong market interest. Despite the positive price movements, data shows a decrease in large transaction volumes for both cryptocurrencies, with Dogecoin's large transactions down by 23.8% and Shiba Inu's by 35.5%. However, daily active addresses for both coins have surged significantly, with Dogecoin's increasing by 176.7%. As the market evolves, the upcoming Benzinga event on November 19 will explore Bitcoin's influence as an institutional asset, which may further impact the dynamics of these meme coins and the broader cryptocurrency market.