Shiba Inu & Dogecoin Fall 15%

On Friday, the cryptocurrency market experienced a major crash with major altcoins dropping by double digits on the charts. The market was bleeding from holes, with investors suffering huge losses in the day’s trading. The domino effect started when Bitcoin plunged by about 10% on the index, dropping to the $54,000 price range. If the sell-off continues further, BTC could drop below the $50,000 level. This triggered a decline, with major meme currencies like Dogecoin and Shiba Inu bearing the brunt of the market.

Read also: Shiba Inu: What is the highest price a Shiba Inu can reach in 2024?

Dogecoin dropped 15% in trading on the day, adding another zero to the charts on Friday. It is trading at $0.096 today, attracting bearish sentiment. Meanwhile, Shiba Inu dropped 15% and is hovering around $0.000013 on the index. Further declines could see SHIB add another zero and trade in the $0.000009 range.

Read also: Shiba Inu: When will SHIB remove the next zero?

Ethereum, Ripple’s XRP, and Cardano ADAEthereum fell 12%, XRP 12% and ADA 16%. The weekend could be a tough one for the crypto markets as investors may be tempted to sell off. Dogecoin and Shiba Inu could fall further and extend their losses.

The Future of Shiba Inu and Dogecoin

Shiba Inu & Dogecoin Fall 15%
Image source: Pixabay

If the cryptocurrency market falls into a bear market again, it could take several months for Shiba Inu and Dogecoin to recover. Both cryptocurrencies have performed poorly since the first quarter of this year, remaining flat. After the Bitcoin halving in April 2024, Shiba Inu and Dogecoin fell, losing more than 40% of their value.

Read also: Shiba Inu: New forecast sees Shiba Inu rise 250% to hit $0.00005

The weekend will hold the key to which direction the cryptocurrency market will move. If Bitcoin falls further, it will further increase the possibility that SHIB and DOGE will fall with the index. Dogecoin and Shiba Inu prices are linked to BTC, so if they fall from here, it will be difficult for them to recover quickly.

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