Are Investors Giving up on Dogecoin & Shiba Inu Amidst Major Drop?

The entire cryptocurrency market was sinking to the bottom of the Red Sea, and two popular meme coins seemed to be contributing a big part of the bloodshed: Dogecoin. [DOGE] The Shiba Inu has risen to fame as the OG meme coin, [SHIB] Though they have been lauded for their explosive growth rates, DOGE and SHIB have fallen by 9.23% and 10.95%, respectively, over the past 24 hours. At the time of writing, Shiba Inu is trading at $0.0000181, well below the $0.00002 threshold, while Dogecoin dipped to a low of $0.113 before recovering slightly and trading at $0.122.

The sharp price declines of these assets have soured the market mood. Moreover, public enthusiasm for large assets like Shiba Inu, Dogecoin, and even XRP is on the decline, according to data from Santiment. For most people, such price declines are a buying opportunity. However, FOMO for these assets is currently at a one-year low, indicating investors are hesitant.

Shiba Inu, Dogecoin and XRP on the charts
sauce – Santiment

Related Article: Shiba Inu: Two Key Indicators Target Shiba Inu for a Rise to $0.005

Long Liquidations Hit Meme Markets

Long liquidations are sweeping the cryptocurrency market. Total liquidation in the last 24 hours was $475.72 million. Shiba Inu and Dogecoin were the biggest contributors. SHIB markets saw $22.94 million liquidated. DOGE recorded a much larger figure. OG meme coin further recorded over $60 million liquidated.

sauce – Coin Glass

Shiba Inu and Dogecoin are top crypto assets due to their popularity and demand. Volatility is the nature of the cryptocurrency industry, so investors are not surprised when assets rise or fall significantly.

Also Read: Shiba Inu Burn Rate Soars 3000%: Will SHIB Charge $0.00003 This Month?

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