Crypto Market Update: Dogecoin and Shiba Inu Prices Plummet
Today, both Dogecoin and Shiba Inu have experienced significant drops in their prices following a market crash triggered by Bitcoin’s recent price decline.
Bitcoin Price Impact on Meme Coins
Although the prices of Dogecoin and Shiba Inu have been on a downward trend, they are actually mirroring Bitcoin’s movements, which have been heavily influenced by recent sell-offs. The massive sell-offs in Bitcoin were initiated by both the US and German governments, leading to a continuous price decline.
- On-chain data tracking by Arkham Intelligence revealed that wallets linked to both governments were involved in significant Bitcoin transactions.
- The German government sent $29.95 million worth of BTC to Bitstamp, causing a negative market reaction.
- The US government executed a transaction involving 249.43 BTC, valued at $14.38 million at the time.
Market Pressure Leads to Declines
Despite displaying resilience during the market crash, both Dogecoin and Shiba Inu have seen notable price drops. Dogecoin’s price fell by 7% to $0.11, while Shiba Inu experienced an 8% decline to reach $0.0000153, marking over a 50% drop from its early 2024 highs.
- Weekly chart analysis shows a 9.3% drop for Dogecoin and a 10.6% drop for Shiba Inu.
- The future performance of these meme coins hinges on Bitcoin’s recovery, as the pioneer cryptocurrency dictates market trends.
Future Outlook for Dogecoin and Shiba Inu
Should Bitcoin’s price stabilize and begin to recover, Dogecoin and Shiba Inu are likely to follow suit, as they typically mirror Bitcoin’s movements in the market.
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