The price of Dogecoin and Shiba Inu rose sharply today, bringing optimism to investors. This development is aided by several factors that paint a bullish picture for the leading meme coin.

CoinMarketCap data shows that the prices of Dogecoin and Shiba Inu have risen by more than 14% and 8%, respectively, in the past 24 hours. The price spike is due to a number of developments that provide a bullish outlook for the most important meme coins. One of them is the upcoming inauguration of US President-elect Donald Trump.

Due to Trump's support for cryptocurrencies, his inauguration provided a bullish outlook for the price of Dogecoin and Shiba Inu. In addition, Elon Musk's Department of Government Efficiency (DOGE) will also be operational after Trump takes office. The department is optimistic about Dogecoin because Musk coined the name from the meme coin's ticker symbol, "DOGE."

Another factor contributing to the soaring price of Dogecoin and Shiba Inu is the cryptocurrency market's optimism that 2025 could be the famous bull market of all time. Cryptocurrency stakeholders such as former Binance CEO Changpeng "CZ" Zhao have also contributed to this bullish outlook. Zhao Changpeng asserted in the X post that 2025 will be the year to send out the bull market.

The rebound in Bitcoin prices to a high of $98,000 is another reason for the surge in Dogecoin and Shiba Inu prices today. These memes have a strong positive price correlation with flagship cryptocurrencies, so they are bound to rise along with BTC. Further price increases can be expected, especially if Bitcoin rebounds above $100,000.

Historical trends also support the soaring price of Dogecoin and Shiba Inu. In the bull market of 2021, these most important memes saw a bullish reversal in January 2021 after a wave of selling in December 2020. A price rebound in January ultimately paved the way for these memes to hit new highs.

Cryptocurrency analyst Kevin Capital discusses what needs to happen for the price of Dogecoin to reach an all-time high (ATH). In an X post, he said that Dogecoin needs to break above the macro gold pocket of $0.49, then above the Fib.703 of $53, and then above $0.59. The cryptocurrency analyst noted that a break above $0.59 means a new ATH is coming.

Meanwhile, cryptocurrency analyst Daniel Ramsey provided insight on the next move in Shiba Inu's price. In an X post, he stated that SHIB is completing the cup-handle form and preparing to break through the strong resistance confluence of key areas and falling resistance. A bull market is coming. Analysts say that when this bull run begins, the price of Shiba Inu could rise as high as $0.00013965.