CoinRealm Report:
On Friday, the cryptocurrency market is undergoing a tumultuous period, with leading altcoins experiencing double-digit declines on charts. The market is witnessing significant bloodshed, leading to substantial losses for investors in the day’s trading. The domino effect began with Bitcoin plummeting nearly 10% on indices, dropping to the $54,000 price range. Another round of sell-offs could potentially push Bitcoin below the key $50,000 mark. This selling spree has triggered economic downturns, particularly impacting meme currencies like Dogecoin and Shiba Inu.
Also Read: Shiba Inu: How High Can SHIB Go in 2024?
Dogecoin saw a 15% decline in today’s trading, with an additional zero added to its Friday charts, now trading at $0.096, fostering bearish sentiments. Similarly, the Shiba Inu index dropped by 15%, currently hovering around $0.000013. Another downturn could potentially add extra zeros to SHIB, trading in the $0.000009 range.
Also Read: Shiba Inu: When Can SHIB Remove the Next Zero?
All leading cryptocurrencies are facing pressure on charts, including Ethereum, Ripple’s XRP, and Cardano’s ADA. Ethereum fell by 12%, XRP by 12%, and ADA plummeted by 16%. The weekend poses challenges for the cryptocurrency market, as investor sentiment may spur further sell-offs. Dogecoin and Shiba Inu could face further declines, exacerbating losses.
What’s Next for Shiba Inu and Dogecoin
Source: Pixabay
If the cryptocurrency market enters a bearish phase again, Shiba Inu and Dogecoin may require months to recover. Both cryptocurrencies have shown minimal performance since the first quarter of this year, remaining range-bound. Following Bitcoin’s halving event in April 2024, SHIB and DOGE have descended, losing over 40% of their value.
Also Read: Shiba Inu: New Forecast Shows SHIB Could Rise 250% to $0.00005
The weekend holds the key to the cryptocurrency market’s direction. If Bitcoin continues to decline, SHIB and DOGE are more likely to bleed on indices. The prices of Dogecoin and Shiba Inu are synchronously fluctuating with BTC, and subsequent downturns may hinder swift recovery.
