As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market crashes and price swings. Today’s crash, triggered by sell-offs in Bitcoin, has left me feeling a mix of frustration and caution.
As a researcher studying the cryptocurrency market, I’ve observed that both Shiba Inu and Dogecoin have experienced significant price drops today, with losses exceeding 7%. The cause of this downturn remains perplexing for investors, but upon closer examination, it appears that Bitcoin‘s market crash is the primary instigator. The selling pressure on Bitcoin has been immense, resulting in a domino effect that impacted these meme coins negatively.
Bitcoin Price sends Shiba Inu And Dogecoin Spiraling
The prices of Dogecoin and Shiba Inu have been declining in tandem with Bitcoin’s recent downturn. Bitcoin’s slide to $57,000 was instigated by significant selling pressure from both the US and German authorities, resulting in a continued price decrease.
Expert: Arkham Intelligence, a leading platform for monitoring and gathering on-chain data, disclosed transactions originating from Bitcoin wallets associated with both the German and US administrations. The German government allegedly transferred approximately $29.95 million (500 BTC) to Bitstamp, a crypto exchange. This revelation sparked concern among market participants as selling large amounts of coins is typically linked to downward price movements. Consequently, Bitcoin’s value dropped in response.
One notable transaction that piqued the interest of investors was one linked to the US government. Early on Thursday, Arkham disclosed a transaction involving 249.43 Bitcoin, equivalent to around $14.38 million at the time of the exchange.
The US government’s cryptocurrency transfer differed from Germany’s in that it wasn’t routed through a centralized exchange such as Bitstamp. Instead, it was directed to an undisclosed digital wallet. This does not necessarily imply that the US government isn’t selling, though. It could represent an over-the-counter (OTC) transaction, which bypasses exchange fees.
Succumbing To Bearish Pressure
Although Dogecoin and Shiba Inu have held up comparatively well during the recent market downturn, they have nonetheless experienced substantial drops. Specifically, Dogecoin’s price has decreased by approximately 7% to land at $0.11 following a promising beginning in 2024.
As a crypto investor, I’ve noticed that the Shiba Inu token has experienced a setback, just like many other cryptocurrencies in the market. In the past 24 hours alone, its price has dipped by approximately 8%. This decline has brought the Shiba Inu price down to $0.0000153. Sadly, this represents more than a 50% drop from its peak prices earlier in 2024.
As an analyst, I’d argue that the future performance of meme coins like Dogecoin and Shiba Inu hinges significantly on Bitcoin’s price movement. Historically, Bitcoin has set the market trend, with most sell-offs originating from it. Consequently, if Bitcoin recovers, we can expect these meme coins to follow suit.
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2024-07-04 23:13