Shiba Inu (SHIB) and Dogecoin (DOGE) have crashed by double digits in the past seven days. The last twenty-four hours have also noticed its price fall by double digits after posting a twelve percent fall. During this period, its rivals Centcex (CENX) and Bitgert (BRISE) have been quite stable in the market.
Are these two crypto assets still crashing? Well, that’s the big question that a lot of crypto analysts have tried to answer these past few days. However, many of them think they aren’t crashing. Most of these crypto specialists think these coins are only reacting to the recent price increase that noticed the two coins post some of the largest price growths in the entire market.
On top of that, Shiba Inu and Dogecoin are also reacting to the bearish market condition, which has also declined other major players, such as Bitcoin and Ethereum, by double digits in the past 24 hours of this writing.
Other experts say that the $SHIB and $DOGE will stay bearish. There are numerous aspects that are making these two crypto assets, some of the coins posting the largest selling pressure over the past few days. That growth has come against the backdrop of such coins posting the largest price growths.
$DOGE managed to post a more than 100% increase in the market in less than one week. On the other hand, Shiba Inu posted a major bump during the same timeframe.
The reason for that surge was Elon Musk’s acquisition of the Twitter app, and his belief associated with the coin made them do well. That’s because there were many anticipations that SHIB and DOGE coins might be utilized as currencies on the Twitter platform.
Considering the move is yet to be actualized, the hype to keep those coins pumping is vanishing. That is why they are on a downward trend. You will find many investors that purchased the tokens to make profits. They are now taking profits.
Those are the reasons why Shiba Inu and Dogecoin might stay bearish.
DOGE lost more than 12.3% in value on Tuesday and traded at around $0.10, based on the data from Coingecko. Despite the massive losses, DOGE is still up by 67.5% throughout the past 30 days.
Intense trading for the canine-crypto drove its regular trading volumes across different exchanges to $2.3 billion, a thirty percent jump over Monday.
With a market capitalization a little bit beyond $14 billion, DOGE is still the eighth biggest cryptocurrency in the world. However, if the downturn continues, it could drop its ranking to the layer-1 blockchain Cardano (ADA).
More than $15.09 billion of Dogecoin futures places were liquidated last Monday, according to data from Coinglass. The majority of the liquidations came from blown-out long trades.
DOGE and SHIB price actions in the past have been strongly connected. Today, it’s no different at all.
The second-biggest meme coin, Shiba Inu, is also down 8.5%, wiping off the monthly gains of the company on Tuesday.
On the same day, SHIB changes hands at approximately $0.00001.
Regardless of the price dip, there’s no doubt that SHIB still enjoyed a modest 8.95% increase in regular trading volumes to $459 million.
Approximately 98.03% of SHIB long trades worth about $1.15 million have already been liquidated over the same time. Also, with a market capitalization of a little bit above $6.5 billion, SHIB is considered the fourteenth biggest cryptocurrency in the world.
On the other hand, the number of Shiba Inu and Dogecoin holders that are buying Centcex and Bitgert has risen substantially over the past few days. The reason given by the crypto analysis is the fast-growing prospects of the two swooning coins.
The fact that $CENX and $BRISE have registered incredible stability throughout this bearish market is what draws more investors, even from major players. The significant developments of Centcex (CENX) and Bitgert (BRISE) have been delivered and what’s in their existing roadmaps is what makes those two coins extremely appealing.
Thus, the demand for the Centcex and Bitgert coins is anticipated to stay high the following week. That also indicates that the price for those cons will stay good as Shiba Inu and Dogecoin plummet.
Q: What is the price of 1 SHIB?
Q: Is DOGE or SHIB a better investment?
Neither of these crypto assets is considered as a safe environment, but Dogecoin may carry less risk than Shiba, as it has a longer track record and better name recognition. Nonetheless, Shiba may have more opportunities for growth in the long run.
Q: How much SHIB will $50 buy?
Q: Can Dogecoin reach $1?
There is so much that needs to go right for DOGECOIN before it hit $1. It has never accomplished this fear in about ten years. It will likely take a full-scale transformation to make it happen.