Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Plummet – Here’s Why

The price of Dogecoin (DOGE) has begun to decline after spiking for 10 days straight, rising from $0.08 to $0.2, representing a staggering 150% increase. The bullish run made the indicators overextended, and the bulls started to see reasons to take profit. As bulls began taking profit, the price declined from $0.2 to $0.12, but bulls were able to push the price slightly upward. Despite the attempt, the price has now declined by around 10% in the last 24 hours, indicating a bearish trend.

Analyst’s Perspective

Amid the decline, analyst Claudia Turvey (@ClaudiaTurvey1D) shared her insights on why she will still hold on to Dogecoin. According to Turvey, there are a few key factors that make Dogecoin (DOGE) an attractive investment option:

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  1. Popularity and Recognition: Dogecoin has established itself as a popular and widely recognized cryptocurrency, indicating a strong brand and community presence
  2. Strong Community Backing: The quote highlights the importance of Dogecoin’s strong community backing, which can contribute to its growth and adoption.
  3. Significant Growth: Turvey acknowledges that Dogecoin has shown significant growth, suggesting its potential for future price appreciation.
  4. Potential for Development and Adoption: The analyst believes that Dogecoin has the potential for further development and adoption, which could drive its value higher.

The Plummeting Shiba Inu (SHIB)

The price of Shiba Inu (SHIB) has also been plummeting for the past three days after days of upward rise. This can be also be attributed to investors taking profit after the price has risen for more than a week.

Community Sentiment

Regarding the SHIB price movement, a community member with the handle @army_shiba shared their perspective:

“$SHIB has a nice and healthy chart. Some are taking profits, others are buying the dip for the next leg. Forming a nice pattern rn. If btc doesn’t spoil, it will continue with the rise.”

The recent price declines of DOGE and SHIB highlight the volatility of the cryptocurrency market, where profit-taking and market sentiment can significantly impact price movements.

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Julian Joseph Lehmann