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Cryptocurrency market volatility has intensified in recent weeks, with two of the most well-known meme tokens - Dogecoin and Shiba Inucoin - suffering heavy sell-offs. Both tokens have seen significant price declines due to lackluster bull activity, declining on-chain performance, and overall deteriorating market sentiment. Dogecoin’s decline has exacerbated the sell-off in large trades, while Shiba Inu has faced issues with its second-layer network, Shibarium, failing to maintain sufficient liquidity and demand. These price drops reflect retail investor concerns about the two meme coins. Dogecoin and Shiba Inucoin Collapse Over the past seven days, Dogecoin and Shiba Inucoin have seen significant price declines. Dogecoin is down about 17%, and Shiba Inucoin is down 12%. According to on-chain data, Dogecoin’s plunge was mainly due to selling by large whale wallets holding 10 million to 100 million Dogecoins. Data shows that these wallets sold approximately 1 billion Dogecoin in the past week, which triggered a chain reaction in the market, pushing the price of Dogecoin below $0.18, further leading to liquidation in the derivatives market.  Currently, Dogecoin’s market capitalization has fallen from nearly $30 billion to approximately $24.7 billion, while trading volume has surged in the past 24 hours, mostly selling. Shiba Inu Coin also encountered downward pressure Things didn’t get better for Shiba Inu Coin, with its price once falling to $0.0000089, the lowest since January 2024. Lack of liquidity, lackluster trading volumes, and a significant slowdown in network activity have added to the downward pressure on Shiba Inu Coin. Technical indicators point to a continued downward trend for Shiba Inu Coin, with the price well below the 50-day, 100-day, and 200-day moving averages. The Relative Strength Index (RSI) has fallen below 34, indicating weakening momentum and no signs of a bullish reversal. Possibility of recovery of Dogecoin and Shiba Inucoin Both Dogecoin and Shiba Inucoin rely on community enthusiasm, which has all but disappeared. The cryptocurrency market as a whole has declined over the past 24 hours, with many cryptocurrencies weakening against the U.S. dollar. The overall market fell by more than 4%, which undoubtedly exacerbated the difficulties of Dogecoin and Shiba Inucoin. However, cryptocurrency market history tells us that meme coins tend to rebound strongly once overall market sentiment improves. Dogecoin’s long-term support zone of $0.15-$0.17 has served as a turning point multiple times, and Shiba Inucoin’s oversold RSI may attract bargain hunters once the market stabilizes. Recovery in both relies on increased retail investor participation and a strong market rebound, both of which appear unlikely to occur in the short term. At press time, Dogecoin was trading at $0.164 and may retest the $0.17 support. The trading price of Shiba Inu Coin is $0.00000897, still fluctuating at a low level.  The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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