Dogecoin And Shiba Inu Soar, The Meme Coins Are Shining Again

DOGE and SHIB went up significantly. (Photo; Doc. Coinnewspan)

JAKARTA - Dogecoin (DOGE), a cryptocurrency inspired by the Shiba Inu dog meme, recorded a tremendous price increase on Thursday. DOGE/USD prices rose more than 10% in today's session, and hit their highest level since August 14.

According to data from CoinMarketCap, the price of DOGE/USD touched a figure of $0.07489 (around Rp1,063 per DOGE) at 08.50 WIB, after moving up from the lowest level of $0.06596 on Wednesday. This increase made Dogecoin again included in the list of the top 10 largest cryptocurrencies by market capitalization.

However, there is a possibility that DOGE prices are too high and ready for corrections. Based on the 14-day RSI index, which measures price momentum, shows a figure of 80.21. This figure exceeds the 76.00 upper limit which indicates overbought conditions. If buyers start selling DOGE to realize their profits, prices could drop back to the support level at $0.07000 or even $0.06500.

Shiba Inu Follow In Dogecoin's Footsteps, Record A 10% Increase

Shiba Inu (SHIB), a cryptocurrency that also uses the Shiba Inu dog logo as its symbol, does not want to lose to Dogecoin. SHIB also recorded a significant price increase on Thursday, and reached its highest level in more than two months.

Data from CoinMarketCap shows that the price of SHIB/USD rose by about 10% in today's session, and reached an intraday high of $0.000008208 at 08.50 WIB. This price is the highest level since August 16, when SHIB had touched a figure of $0.00008309.

However, the increase in SHIB prices does not reflect the strong momentum strength. RSI 14 days is still below the 70.00 upper limit which indicates overbought conditions. RSI is currently at 69.15, and if momentum starts to weaken, there is potential for a decrease towards support levels at $0.000007500 or even $0.000007000.

Meme Coins Are Back In The Spotlight

The increase in prices of Dogecoin and Shiba Inu this Thursday showed that traders were looking for opportunities in more risky crypto assets. Both cryptocurrencies are notorious for their meme nature and are often in the spotlight in the crypto world.

Dogecoin itself is one of the oldest cryptocurrencies that still exists today. The cryptocurrency was launched in 2013 as a joke making fun of the Bitcoin phenomenon. However, Dogecoin has managed to attract the attention of many people, including famous figures such as Elon Musk and Mark Cuban.

Shiba Inu is a token that is fairly new. This token was launched in 2020 as a centralized experiment' aimed at becoming an alternative to Dogecoin. Shiba Inu also has a large and loyal fan base.