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Shiba Inu, Dogecoin Jump as Risk-On Behavior Returns to Crypto Markets

·1-min read

Meme tokens shiba inu (SHIB) and dogecoin (DOGE) gained over 15% in the past 24 hours as risk-on behavior returned to crypto markets.

The rally came as ether (ETH) broke the $2,000 level on Sunday night ahead of the network’s Merge event expected in September. Bitcoin (BTC) rose to over $25,000 for the first time since June.

SHIB rose as much as 30%, while DOGE gained 15%, before a price reversal in European morning hours as investors took profits. DOGE entered the top ten cryptocurrencies by market capitalization with a total valuation of just over $10 billion, ahead of Polkadot’s DOT token.

Price charts show SHIB saw resistance at the $0.00001744 mark, where it has previously seen price reversals. Selling pressure could see prices drop to Saturday's $0.00001277 level, where the tokens previously had resistance.

SHIB show reversal at previous resistance levels. (TradingView)
SHIB show reversal at previous resistance levels. (TradingView)

The gains could be attributed to irrational exuberance as no notable catalyst drove a rally in the two tokens at the time of writing. Futures tracking the two currencies saw over $25 million in liquidations, data shows, suggesting part of the rally was led by futures bets instead of spot.