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

Sahana Kiran
Shiba Inu
Source – Bankrate

The entire cryptocurrency market was drowning deep in the Red Sea. Amidst this, two prominent meme coins were seen contributing to a major part of this bloodshed. Dogecoin [DOGE] holds the reputation of being the OG meme coin while Shiba Inu [SHIB] has been lauded for its explosive growth rate. But over the past 24 hours, DOGE and SHIB have dipped by 9.23% and 10.95%, respectively. At press time, Shiba Inu was trading at $0.0000181, much below the $0.00002 threshold. Meanwhile, Dogecoin had dropped to a low of $0.113 but after a slight recovery, it was priced at $0.122.

This sudden decrease in the price of these assets harms the market’s mood. In addition, data from Santiment indicates that the public enthusiasm over large-cap assets like Shiba Inu, Dogecoin, and even XRP is on a downward trend. For most people, such a price drop represents an opportunity to buy. But, the current FOMO for these assets is at its lowest in one year showing that investors are hesitant.

Shiba Inu, Dogecoin and XRP on a chart
Source – Santiment

Also Read: Shiba Inu: 2 Key Metrics Have SHIB Eyeing a Rally to $0.005

Long Liquidations Hit the Meme Market

Long liquidations are taking over the cryptocurrency market. Over the past 24 hours, the total liquidations was at $475.72 million. Shiba Inu and Dogecoin were among the biggest contributors. The SHIB market saw $22.94 million in liquidations. DOGE recorded a much larger number. The OG meme coin further recorded over $60 million in liquidations.

Source – Coinglass

Shiba Inu and Dogecoin are top crypto assets because of their popularity and demand. Volatility is the nature of the cryptocurrency industry, therefore, investors aren’t taken by surprise when assets experience major upswings or dips.

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