In the last 24 hours, the popular meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) have witnessed a remarkable 9% increase. This surge suggests that crypto traders are becoming more adventurous, likely driven by Bitcoin’s strong performance.

While there haven’t been any immediate triggers for the surge in SHIB and DOGE tokens, their prices rose on Thursday following an announcement by social media platform X (formerly Twitter) regarding a video calling feature for premium users. This move was seen as a sign of irrational exuberance, as some traders have been hoping for X to add DOGE as a payment option.

Elon Musk, the CEO of X, has frequently expressed his fondness for Dogecoin, even dedicating a segment to the meme coin during his appearance on the popular TV show “Saturday Night Live” in 2021. In April, Twitter briefly changed its logo to the Dogecoin logo, leading to a rally that saw gains of up to 37% for some traders.

Data reveals that cumulative trading volumes for these tokens surged from $350 million on Monday to $1.2 billion on Thursday.

Furthermore, open interest in DOGE and SHIB futures spiked by over 50%, indicating that traders are placing larger bets in anticipation of increased volatility in the coming days.

The hope for the approval of a spot Bitcoin exchange-traded fund (ETF) has driven Bitcoin prices up by approximately 30% over the past week, although they have since retraced. Other cryptocurrencies like Ether (ETH), Solana (SOL), and XRP have also seen gains of up to 40%.

#btc #sec #etf #digifinex #eth #btcetf

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