Shiba Inu and Dogecoin Gain Momentum as Bitcoin Reaches a New All-Time High above $107,000

Shiba Inu SHIB/USD and Dogecoin DOGE/USD are gaining momentum as Bitcoin reaches a new all-time high above $107,000.

Shiba Inu (SHIB) and Dogecoin (DOGE) are both rallying on Monday evening as Bitcoin reaches a new all-time high above $107,000.

SHIB's Relative Strength Index (RSI) is 42.85. In a bull trend, the 40-50 RSI range often acts as support. The 50-day Simple Moving Average (SMA) is also crossing above the 100-day and 200-day SMAs, which is usually bullish.

Prominent trader Cold Blooded Shiller noted that DOGE is "trading as if it's about to get an ETF approval before Solana." Meanwhile, crypto trader Jake Wujastyk highlighted the significance of Dogecoin's volume shelf, noting that a stronger shelf may lead to a more substantial upside move.

Trader Tardigrade also observed bullish signals on DOGE's 3-day chart, which he says indicates the potential start of a bull run. "DOGE is pumping soon," he added.

#Dogecoin 200 ema is taking off on 3-day chart 🔥

This signal indicates the beginning of Bull Run 🚀

$Doge is pumping soon. pic.twitter.com/GAEABDlpOm

Dogecoin Chain Activity Boosted by 5.8B Idle Tokens

Data from IntoTheBlock shows that SHIB's large transaction volume dropped 32.4%, while daily active addresses decreased by 7.3%. Transactions above $100,000 fell from 255 to 145 in a single day.

Despite the decrease in large transactions, daily transactions on the Shibarium Layer-2 network remained steady at 4.69 million, indicating consistent network activity.

Crypto analyst Ali Martinez also noted that 5.8 billion previously idle DOGE tokens were transferred within the past 24 hours, which may be a sign of renewed market interest or activity.

5.8 billion idle #Dogecoin $DOGE tokens have come to life, changing hands in the past 24 hours. pic.twitter.com/4gSkVhAAcO

Both Shiba Inu and Dogecoin are rallying as market interest surges and Bitcoin reaches new record highs.

Shiba Inu and Dogecoin both saw their prices drop last week after rallying to new highs earlier this month. However, both assets recovered some of their losses over the weekend.

Shiba Inu, the meme cryptocurrency that surged over 400% in October, is showing no signs of slowing down. The SHIB token rallied another 10% on Monday, reaching a new all-time high of $0.000089.

The surge in SHIB's price comes as Bitcoin also reached a new all-time high above $107,000. The broader crypto market surged on Monday, with the total market cap rising above $3.1 trillion.

Dogecoin, another meme cryptocurrency that has surged this year, also rallied on Monday. The DOGE token rose 6%, reaching a price of $0.22.

DOGE's price is now up over 20,000% year-to-date. The token surged to a record high of $0.73 in May before correcting lower. However, DOGE's price has remained above the $0.20 level for the past two weeks.