Bulls take Shiba Inu, Dogecoin price higher as financial leaders eye Jackson Hole
- Jackson Hole could act as a bullish catalyst for Bitcoin, Shiba Inu, Dogecoin and altcoins.
- Whales increased their activity in dog-themed cryptocurrencies Shiba Inu and Dogecoin, sending SHIB and DOGE prices higher overnight.
- Financial analysts, leaders and influencers remain fixated on the Jackson Hole summit.
Shiba Inu price yielded 9% overnight gains for holders as the crypto community anticipated Jerome Powell’s speech on the Federal Reserve’s next move. Proponents expect Jackson Hole to act as a bullish catalyst for crypto.
Also read: Alt-season 2022 alert: Binance Coin, PancakeSwap, Theta and XRP positive sentiment explodes
Shiba Inu, Dogecoin prices rally ahead of Jackson Hole
The Jackson Hole Economic Symposium is an annual event where the central bank fosters open discussion on important issues, policy matters. In previous events, issues like the impact of big tech and giants like Meta, Amazon, Apple and Google on financial stability has been discussed.
For the 2022 Jackson Hole Symposium, the Federal Reserve has chosen “Reassessing constraints on the Economy and Policy,” as its topic for discussion. The event will be held on August 25-27 and the primary target is to control the four-decade high inflation. The Federal Reserve’s total rate hike in 2022 has been 225 bps.
Jerome Powell at Jackson Hole Symposium 2022
Crypto proponents and influencers expect the event to act as a catalyst for Bitcoin and altcoin prices. The Federal Reserve could fight inflation more aggressively, but the selling pressure leading up to the event implies that the expectation has been priced in. Signs of inflation peaking could turn the Jackson Hole Symposium into a bullish catalyst for markets.
Ahead of the event, Shiba Inu and Dogecoin prices climbed. Dog-themed cryptocurrencies continued their rally, while BTC and ETH holders remained indecisive. The launch and popularity of Shiba Inu’s collectible card game Shiba Eternity and the meme coin’s increasing burn are the other key factors fueling a bullish sentiment among holders.
Denys Serhiichuk, a leading crypto analyst, argues that Shiba Inu and Dogecoin are in a similar position from a technical point of view. The trade volume in the two dog-themed cryptocurrencies is low, and none of the sides have accumulated enough strength for a rise.
SHIB-USDT price chart
Interestingly, large wallet investors started accumulating SHIB again. Shiba Inu is back on the list of top 10 cryptocurrencies holded by the 100 largest whales on the Ethereum network. Accumulation by whales is a key driver of Shiba Inu price.
Analysts at FXStreet are bullish on Dogecoin. Analysts evaluated the DOGE price chart and believe that the meme coin is set to seal its bullish fate on a specific condition.
For more information and key price levels, check the video below:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
