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 In recent weeks, the cryptocurrency market always in turmoil , two of the most well-known meme tokens — Dogecoin and Shiba Inucoin — have been hit hard by the sell-off. Both tokens have seen significant price drops due to lackluster bull activity, declining on-chain performance, and worsening market sentiment. Dogecoin’s slide intensifies Holding large amounts of tokens in large trades, and Shiba Inu Coin’s woes Derived from its second-layer network Shibarium Unable to maintain liquidity and demand . Together, the plummeting prices of both reflect retail investor concerns about the two internet meme coins. Dogecoin and Shiba Inu CollapseOver the past seven days, both Dogecoin and Shiba Inucoin have seen significant declines in price action. Among them, Dogecoin fell as much as 17% in seven days, and Shiba Inucoin also experienced a similar 12% drop. It is worth noting that on-chain data shows that Dogecoin’s recent plunge is Massive sell-off by whale wallets holding 10-100 million Dogecoins caused. Data shows that these wallets sold approximately 1 billion Dogecoins in seven days. The resulting chain reaction pushed Dogecoin below key support near $0.18, triggering further liquidation in the derivatives market.  As of now, Dogecoin’s market capitalization has fallen from nearly $30 billion to approximately $24.7 billion in the past seven days. Trading volume has also surged over the past 24 hours, with much of it being selling. Shiba Inu Coin’s performance over the past few days Encountered A lot of downtrends. Its price once fell to about $0.0000089, hitting its lowest level since January 2024. Insufficient liquidity, Sluggish trading volumes and a noticeable slowdown in network activity have exacerbated the coin’s decline. Technical indicators confirm its continued downward trend, with Shiba Inu stock trading well below its 50-day, 100-day, and 200-day moving averages. Its relative strength index (RSI) is below 34, indicating weak momentum and no signs of bullish divergence. Outlook: Can Dogecoin and Shiba Inu recover?Both Dogecoin and Shiba Inucoin mainly rely on community popularity; At present, this enthusiasm is almost gone. The overall downward trend in the cryptocurrency market over the past 24 hours has not helped matters either, with many cryptocurrencies weakening against the US dollar index. The entire cryptocurrency market has fallen by as much as 4% in the past 24 hours. However, cryptocurrency history shows that meme coins tend to rebound strongly once overall cryptocurrency market sentiment improves. Dogecoin finds long-term support near $0.15-$0.17 always one turning point, and Shiba Inu's oversold RSI indicator may finally attract bargain hunters once the market stabilizes. Currently, their recovery Much depends on Increased retail participation and a strong overall market rebound, both of which appear unlikely in the short term. At press time, Dogecoin was trading at $0.164 and looked poised to regain support at $0.17. Shiba Inu Coin, on the other hand, is trading at $0.00000897.  The bull market is still here, and now is the golden period for planning. Scan the QR code below to follow our footsteps and seize the wealth code together, welcome the upcoming bull market, and realize our dream of wealth and freedom together! Group content: 1. Seize the opportunity to build a position in the next three months, lead everyone to transcend social strata, and gain the opportunity to gain wealth! 2. Share the short-term band opportunities and long-term investment strategies of altcoin spot to help you make steady profits! Welcome to chat with me privately → WeChat: sui3786, backup: 3073259620, scan the code below!  |
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