Why Shiba Inu And Dogecoin Dumping Hard Today?

Shiba
Inu
and
Dogecoin

have
suffered
market
crashes
today
after
the
Bitcoin
price
crash.
Both
of
these
meme
coins
have
seen
their
prices
fall
more
than
7%
already,
leaving
investors
bewildered
as
to
what
is
causing
the
crash.
All
roads
actually
lead
to
Bitcoin
and
the
massive
sell-offs
that
have
dominated
the
leading
cryptocurrency.

Bitcoin
Price
sends
Shiba
Inu
And
Dogecoin
Spiraling

While
the
Dogecoin
and
Shiba
Inu
price
have
been
dropping,
they
are
actually
following
the
lead
of
Bitcoin,
which
has
seen
a
lot
of
sell-offs
recently.
Bitcoin’s
price
drop
to
$57,000
was
triggered
by
sell-offs
from
both
the
US
and
German
government,
causing
the
price
to
continue
to
drop.

Related
Reading:
American
Entrepreneur
Anthony
Pompliano
Advises
Investors
To
Use
Bitcoin
Dips
For
Buying

On-chain
data
tracking
and
aggregation
platform
Arkham
Intelligence,
reported
transactions
from
BTC
wallets
linked
to
both
the
German
and
US
governments.
According
to
the
platform,
the
German
government
sent
$29.95
million
(500
BTC)
to
the
Bitstamp
crypto
exchange.
Given
that
coins
are
usually
sent
to
exchanges
in
order
to
sell
them,
the
market
reacted
negatively,
with
the
BTC
price
dropping
as
a
result.

Another
transaction
that
caught
investors’
attention
is
one
associated
with
the
US
government.
In
the
early
hours
of
Thursday,
Arkham
also
reported
a
transaction
involving
249.43
BTC,
worth
$14.38
million
at
the
time
of
the
transaction.

Unlike
the
German
government’s
transaction,
the
US
government’s
transaction
was
not
sent
to
a
centralized
exchange
like
Bitstamp,
rather
it
was
sent
to
an
unknown
wallet.
However,
this
does
not
suggest
that
the
US
government
is
not
selling,
as
the
transaction
could
be
an
over-the-counter
(OTC)
transaction
that
eliminates
the
fees
of
exchanges.

Succumbing
To
Bearish
Pressure

While
the
Dogecoin
and
Shiba
Inu
prices
have
been
holding
quite
well
through
the
market
crash,
they
have
still
seen
significant
declines.
On
its
part,
the
Dogecoin
price
has
fallen
7%
to
reach
$0.11
after
a
good
start
to
the
year
2024.

Following
the
same
trend,
the
Shiba
Inu
price
has
already
dropped
8%
in
the
last
24
hours
as
well.
This
decline
has
pushed
Shiba
Inu’s
price
to
$0.0000153,
representing
an
over
50%
drop
from
its
early
2024
price
highs.
On
the
weekly
chart,
both
meme
coins
have
also
suffered,
with
Dogecoin
and
Shiba
Inu
dropping
9.3%
and
10.6%,
respectively.

Touching
on
whether
the
prices
of
these
meme
coins
will
continue
to
struggle,
it
all
circles
back
to
the
Bitcoin
price.
This
is
because
the
pioneer
cryptocurrency,
which
often
leads
the
market
direction,
has
seen
the
majority
of
the
sell-offs.
So
if
the
Bitcoin
price
does
start
to
recover,
then
Dogecoin
and
Shiba
Inu
are
expected
to
follow.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com