- The cryptocurrency market is experiencing significant losses, with Bitcoin’s drop triggering a 15% decline in both Dogecoin and Shiba Inu.
- If Bitcoin continues to fall, SHIB and DOGE could face further difficulties and a prolonged recovery period.
The cryptocurrency market is experiencing a bloodbath, with leading altcoins suffering double-digit losses. Investors are facing massive losses as the markets bleed profusely. The domino effect began when Bitcoin plummeted nearly 10%, falling to the $54,000 range. Another round of sell-offs could pull BTC below the $50,000 mark, triggering further downturns.
Meme Coins Bear the Brunt
Leading meme currencies, Dogecoin and Shiba Inu, are at the forefront of this market slump. Dogecoin fell 15% in a day, adding an extra zero to its value, now trading at $0.096. The bearish sentiment around DOGE is growing stronger. Shiba Inu also dropped 15%, hovering around the $0.000013 mark. Another downturn could push SHIB to the $0.000009 range.
Other major cryptocurrencies are also under pressure. Ethereum dropped 12%, Ripple’s XRP is down 12%, and Cardano’s ADA plummeted 16%. The weekend could be harsh for the market as sell-offs might be triggered by investors looking to cut losses.
Uncertain Future for SHIB and DOGE
If the market continues to fall under bearish grips, Shiba Inu and Dogecoin could take months to recover. Both cryptocurrencies barely performed after Q1 this year and traded sideways. Following the Bitcoin halving event in April 2024, SHIB and DOGE shed more than 40% of their value. The weekend holds the key to the market’s direction. If Bitcoin dips further, SHIB and DOGE are likely to suffer more, making recovery difficult.
The prices of Dogecoin and Shiba Inu move in tandem with Bitcoin. A continued downturn for BTC could spell more trouble for these meme coins. Investors are bracing for a tough period, hoping for a market rebound that might take some time to materialize.
