Why Dogecoin And Shiba Inu Prices Falling Today?

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As a seasoned crypto investor with a keen interest in meme coins like Dogecoin and Shiba Inu, I’ve seen my fair share of market volatility. Today’s retreat of these popular meme coins, with both Dogecoin and Shiba Inu prices falling more than 3%, is disappointing but not entirely unexpected.

Major meme coins such as Dogecoin and Shiba Inu experienced significant declines today, with their prices dropping over 3% each. This retreat occurs concurrently with a broader downturn in the cryptocurrency market, leading to speculation about the possible causes of this price decrease.

As a crypto investor, I’ve noticed that the unexpected reversal of Dogecoin and Shiba Inu after a promising trend on June 26 has sparked intriguing market rumors.

Why Is Dogecoin Price Falling?

From a wider perspective, it seems that market players are holding back from investing heavily in digital assets. Furthermore, due to the unpredictable and turbulent behavior of the cryptocurrency market in general, and the meme coin sector specifically, potential investors may be hesitant to commit to Dogecoin until they have a clearer understanding of the situation.

As a crypto investor, I’ve noticed that the latest hawkish remarks from U.S. Federal Reserve officials regarding their policy rate plans have significantly affected the market mood. Specifically, these officials indicated that they don’t foresee the need for an interest rate cut in 2024. Hearing this news caused some uneasiness among investors as it suggests a more aggressive stance on monetary policy than previously anticipated.

As I pen down these words, the value of Dogecoin has dipped by 3.23%, reaching a price point of $0.1223. Simultaneously, its trading volume witnessed a significant decrease of approximately 30% to $489.51 million. The highest recorded price for Dogecoin during this period was at $0.126. Furthermore, data from CoinGlass reveals that the Open Interest in Dogecoin saw a decline of 2.41%, amounting to $603.19 million, suggesting a diminishing market fervor towards the leading meme coin.

Shiba Inu Coin Retreat

As a crypto investor, I’ve noticed that the broader market trends, just like with Dogecoin, may have influenced Shiba Inu Coin’s price action today. However, it’s essential to acknowledge that there are additional factors at play that could have impacted SHIB‘s price performance specifically.

As a cryptocurrency market analyst, I’ve observed that Binance‘s decision to delist TUSD pairs for Shiba Inu and other coins has garnered significant attention from investors recently. Historically, such announcements from prominent crypto exchanges like Binance can influence the prices of affected digital assets in various ways.

Despite the recent decline in Dogecoin and Shiba Inu prices, the Shiba Inu token’s burn rate remains positive. This signifies ongoing community efforts to decrease the total supply of SHIB tokens, which could potentially increase their value. The burn mechanism is instrumental in this process by removing a portion of circulating tokens from circulation.

While penning this text, the value of Shiba Inu at the cryptocurrency markets was $0.00001717, marking a 3.13% decrease compared to the previous day. The coin’s trading volume saw a significant drop of 37%, reaching $193.65 million. In the last 24 hours, Shiba Inu reached a peak price of $0.00001772 and hit a low of $0.00001705. Moreover, Open Interest for Shiba Inu took a nosedive by 8.25% to $32.73 million, mirroring similar trends observed with Dogecoin.

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2024-06-27 08:17