The cryptocurrency industry witnessed a massive crash. Most assets in the market were losing out on major gains earned throughout the past few months. As the world’s largest cryptocurrency, Bitcoin (BTC), dipped below the $90,000 mark down to a low of $88,273.30, several assets followed suit. The meme coin market was spared, either. Top cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) were among the biggest losers of the day.
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A Dive Into The Shiba Inu & Dogecoin Markets
The OG meme cryptocurrency Dogecoin dropped by 12.54% over the past 24 hours. The asset went from trading at a high of $0.2334 down to a low of $0.1997. But following a slight recovery, DOGE was trading at $0.2040 during the time of writing. The daily trading volume of the asset shot up by 148% and was at $2.9 billion highlighting the increased selling pressure in the market.
As seen in the chart, Shiba Inu followed a similar pattern. At the time of writing, the second largest meme coin was trading at $0.00001340. Over the past 24 hours, SHIB plummeted by 10.68%. The asset’s 24-hour high currently stands at $0.00001488. Shiba Inu’s volume throughout the day rose by 160%.
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What Is The Reason Behind This Crash?
There are a number of factors pushing the Shiba Inu market downwards. Due to Trump’s tariff policy, investors are avoiding riskier assets owing to inflation concerns. Bitcoin’s losses are made worse by its association with stocks. This further follows declining institutional support. It should be noted that ETF withdrawals indicate that major players are losing faith in the market. Bitcoin is vulnerable to sell-offs due to a lack of breakout momentum. Lastly, bearish attitude toward the overall market.
In addition, on February 25, the Crypto Fear & Greed Index, which assigns a score of 25 points to market mood out of a potential 100, dropped to “Extreme Fear.”
Bitcoin Fear and Greed Index is 25. Fear
— Bitcoin Fear and Greed Index (@BitcoinFear) February 25, 2025
Current price: $91,718 pic.twitter.com/tkUQPwbg6Z
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