As a seasoned researcher with years of experience navigating the volatile cryptocurrency market, I find myself often astounded by its unpredictability and resilience. The recent crash in Dogecoin (DOGE) and Shiba Inu (SHIB) prices is no exception.
Over the past day, I’ve noticed a significant drop in both Dogecoin and Shiba Inu prices, aligning with the ongoing correction in the broader crypto market. This downturn can be attributed to a variety of factors, one being the holiday season, which has led many traders to temporarily step away from active trading.
Why The Dogecoin And Shiba Inu Prices Crashed
According to CoinMarketCap’s latest data, Dogecoin and Shiba Inu have experienced a drop in value by approximately 3% within the last 24 hours. It seems that the holiday season might be playing a role in this downward trend for popular meme coins. Often, traders tend to avoid this market during holidays, which could explain the surge of sell-offs observed recently, resulting in the current price drops.
Previous trends indicate that it’s typical for the prices of both Dogecoin and Shiba Inu to undergo a substantial drop during this timeframe. Specifically, Dogecoin ended December with a loss in two out of the past three years, even during the 2021 bull market surge. Similarly, Shiba Inu also recorded a decline at the end of December in two out of the last three years.
Another possible explanation for the drop in Dogecoin and Shiba Inu prices might be the growing uncertainty that Donald Trump will not establish the Strategic Bitcoin Reserve, a promise he made following his win in the U.S. presidential election. This potential move by Trump had previously influenced Bitcoin’s price increase.
Recently, experts such as Jeff Park from Bitwise have expressed doubts that the Bitcoin Reserve will materialize in 2025. This uncertainty has caused a drop in Bitcoin’s value, which in turn has affected the prices of related coins like Dogecoin and Shiba Inu. Since these meme coins often move in tandem with Bitcoin, it’s no surprise they have experienced price dips during this correction.
A Price Recovery Is On The Cards
Even following this recent dip, experts like Master Kenobi anticipate a bullish recovery for both Dogecoin and Shiba Inu prices. In fact, Master Kenobi has forecasted that Dogecoin’s value might hit a new high by January 2025, similar to its bull run in January 2021. This prediction is based on the pattern from late 2020 when Dogecoin underwent a price correction, only to bounce back strongly in January 2021.
Crypto expert Trader Tardigrade shared a positive perspective on Dogecoin’s future value, indicating that the upcoming phase could start shortly. In a recent post on X, he noted that Dogecoin has initiated its price surge, hinting at a specific bullish trend for this meme coin.
Currently, Javon Marks predicts a positive trend for Shiba Inu’s price, indicating that a bullish reversal may occur soon. He notes that Shiba Inu has shown several bullish indicators, and it appears that the path towards $0.000081 will persist. Furthermore, he anticipates a potential surge of more than 234%.
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2024-12-27 17:11