{"id":17074,"date":"2024-04-02T18:00:18","date_gmt":"2024-04-02T18:00:18","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17074"},"modified":"2024-04-02T17:04:29","modified_gmt":"2024-04-02T17:04:29","slug":"doge-and-shib-prices-plunge-market-correction-or-meme-coin-meltdown","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/doge-and-shib-prices-plunge-market-correction-or-meme-coin-meltdown\/","title":{"rendered":"DOGE and SHIB Prices Plunge: Market Correction or Meme Coin Meltdown?"},"content":{"rendered":"

The prices of Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a significant decline today, coinciding with a slip in Bitcoin’s value. Let’s delve into the potential reasons behind the price drops.<\/p>\n

In a surprising turn of events, amidst the broader downtrend in the cryptocurrency market, the prices of popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed a substantial plunge today, attracting considerable investor attention. This decline in meme coin prices comes amid various on-chain and market dynamics affecting the crypto landscape. Here’s a closer look at the factors that may have contributed to the dip in DOGE and SHIB prices today:<\/p>\n

Altcoins Follow Bitcoin’s Lead:<\/strong><\/p>\n

Interestingly, Bitcoin experienced a notable price correction today, slipping back to the $66K mark. Currently, Bitcoin<\/a> is trading at $66,639, causing a shift in sentiment across the broader crypto market.<\/p>\n

The significant plunge in Bitcoin’s price primarily resulted from substantial liquidations totaling $131.92 million, according to Coinglass data. Following this trend, other coins, including meme coins like DOGE and SHIB, also witnessed substantial liquidations, contributing to their price dip.<\/p>\n

\"\"<\/p>\n

Dogecoin recorded liquidations worth $14.76 million, with $11.69 million in long positions and $3.07 million in short positions. Meanwhile, Shiba Inu saw liquidations totaling $2.32 million, with $2.21 million in long positions and $108.63K in short positions. These significant liquidations align with the dip in DOGE and SHIB prices.<\/p>\n

Derivatives Data Analysis:<\/strong><\/p>\n

Additionally, derivatives data analyzed by Coinglass indicated a notable decline in DOGE and SHIB open interest and OI-weighted funding rate, further contributing to the observed price dip.<\/p>\n

DOGE’s open interest dropped by 11.68% to $1.67 billion, with its OI-weighted funding rate slipping to 0.0179%. SHIB experienced an 11.07% decrease in open interest, reaching $85.77 million, while its OI-weighted funding rate dropped to 0.0317%.<\/p>\n

This reflects a bearish sentiment among crypto market traders and investors toward meme-based tokens, potentially driving prices down.<\/p>\n

DOGE and SHIB Price Decline:<\/strong><\/p>\n

Currently, the price of Dogecoin has plummeted by 10.62% in the past 24 hours, trading at $0.1829. Meanwhile, Shiba Inu registered an 8.37% drop in the past 24 hours, resting at $0.00002635.<\/p>\n

Despite the price drop, both DOGE and SHIB saw notable increases in 24-hour trading volume, indicating heightened selling pressure in line with liquidations. However, the RSI for both tokens suggests a neutral market sentiment, neither overbought nor oversold.<\/p>\n

These developments have sparked speculation about potential shifts in price action, as these tokens may experience momentum changes in the near future. While technical indicators for Shiba Inu suggest a selling sentiment, contributing to SHIB’s decline, Dogecoin’s technicals indicate a buying sentiment, fueling speculation about a buy-the-dip market sentiment.<\/p>\n

Moreover, a Dogecoin whale accumulated 134.82 million DOGE, followed by a SHIB whale accumulating 461.63 billion coins. This has piqued investor curiosity about whales’ confidence in the asset, potentially signaling rising price action ahead.<\/p>\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The prices of Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a significant decline today, coinciding with a slip in Bitcoin’s value. Let’s delve into the potential reasons behind the price drops. In a surprising turn of events, amidst the broader downtrend in the cryptocurrency market, the prices of popular meme coins Dogecoin (DOGE) and Shiba<\/p>\n","protected":false},"author":1,"featured_media":8888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[67,68,2191,484,69],"class_list":["post-17074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","tag-doge","tag-dogecoin","tag-meme-coin","tag-shib","tag-shiba"],"yoast_head":"\nDOGE and SHIB Prices Plunge: Market Correction or Meme Coin Meltdown? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The prices of Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a significant decline today, coinciding with a slip in Bitcoin's value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/doge-and-shib-prices-plunge-market-correction-or-meme-coin-meltdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DOGE and SHIB Prices Plunge: Market Correction or Meme Coin Meltdown? 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