Why Are Dogecoin And Shiba Inu Prices Up 10%?
Dogecoin and Shiba Inu values have soared in recent days. Both meme currencies rose more than 10% in one day, regaining their losses from the last several months. As these gains delight investors, let's examine what's underlying this price rebound.
Trump To Relax With China
The crypto market collapses of January 2025 were caused by US President Donald Trump's sudden trade conflicts with other nations, notably China. After the president imposed tariffs on China, China replied with duties on the US, starting a trade war. Over 180 nations were impacted by Trump's tariffs, causing market chaos.
Trump said in early April that he would postpone tariffs on all other nations for 90 days, except China. This allows time for discussions when more nations arrive. With the newest declaration, the president seems to like China.
In an Oval Office interview this week, Donald Trump indicated China tariffs won't be high. The US has 145% tariffs on China, and both governments are likely to negotiate. US president said "it won't be anything near that high. It will drop significantly but not to zero.”
The market reacted well to this news. The Bitcoin price rose from $84,000 to $94,000 in hours, adding $100 billion to its market worth. This rise automatically boosted Dogecoin and Shiba Inu prices at the same time.
Shiba Inu And Dogecoin Prices Change
Crypto investors flocked to Dogecoin and Shiba Inu following Trump's pronouncement. Dogecoin's daily trade volume rose 100% to $2 billion on Wednesday. CoinMarketCap reported a price increase from $0.17 to $0.18 in hours.
On Wednesday, Shiba Inu trade volume jumped 88% to $315 million, one of its largest April levels. Shiba Inu climbed more than 10% from its daily low of $0.00001288 to $0.0000189, like Dogecoin.