DOGE and SHIB See Double-Digit Gains Amidst Market Uptrend

• Dogecoin (DOGE) recovered by 11% from recent lows, reclaiming the $0.1097 level.
• Shiba Inu (SHIB) soared over 16% in the last 24 hours to $0.00001572.

Today marks a significant recovery in the global cryptocurrency market, led by Bitcoin (BTC) as it surged to the $56,500 zone. This bullish momentum has positively impacted nearly all cryptocurrencies, with notable gains across the board.

Following the uptrend momentum, Dogecoin (DOGE) and Shiba Inu (SHIB) have shown significant rebounds after a prolonged period.

Dogecoin and Shiba Inu Current Stats

Dogecoin, which had seen a steep decline on July 5, falling by 23% from $0.11898 to $0.09166, has now rallied by 11.33%, reclaiming the $0.1097 mark. Currently, DOGE is trading at $0.1091, with a market capitalization of $15.82 billion, which constitutes 0.79% of the global crypto market. Despite this recovery, its daily trading volume remains low, having dropped 40% to $1 billion.

However, the simple moving average (SMA) trend for DOGE/USD on the hourly chart indicates a bullish pattern if the momentum continues.

Shiba Inu has also displayed a notable surge, rising 16.2% from a low of $0.00001355 to a high of $0.00001572. At the time of writing, SHIB’s market cap has increased by 15% to $9.26 billion.

However, similar to DOGE, SHIB’s daily trading volume has decreased by 28%, standing at $368 million. The memecoin’s price movement remains under scrutiny, with expectations of a potential spike to $0.000065, which would mark a significant return to levels last seen in late 2021.

Overall, the cryptocurrency market is witnessing a strong recovery, with memecoins leading the charge amidst a generally positive sentiment.