The meme coins sector retreated today, with major players like Dogecoin and Shiba Inu prices falling more than 3%. Notably, the dip comes amid a slump in the broader crypto market, sparking discussions over the potential reasons behind the dip.
In addition, the sudden retreat of Dogecoin and Shiba Inu following a positive momentum on June 26 has fueled market speculations.
Why Is Dogecoin Price Falling?
Looking at the broader market scenario, it appears that the market participants are staying on the sidelines before making further bets in the digital asset space. In addition, given the highly volatile nature of the broader cryptocurrency market, let alone the meme coins sector, investors might be seeking more clarity before putting their bets on Dogecoin.
Notably, the recent hawkish comments from the U.S. Federal Reserve officials over the policy rate plans also appear to weigh on the market sentiment. The officials noted that it is too early to consider an interest rate cut in 2024, sparking market concerns.
Meanwhile, as of writing, Dogecoin price slipped 3.23% and exchanged hands at $0.1223. Its trading volume also fell 30% to $489.51 million, while its price saw a high of $0.126. On the other hand, CoinGlass data showed that Dogecoin Open Interest plunged 2.41% to $603.19 million, indicating a waning market interest in the leading meme coin.
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Shiba Inu Coin Retreat
The broader market trends, as discussed for Dogecoin, might have also impacted the Shiba Inu Coin performance today. However, apart from that, there are certain other factors that might have impacted the SHIB price today.
Precisely, Binance announced the delisting of TUSD pairs for Shiba Inu, among others, yesterday, which has attracted the investors’ eyes. Usually, the announcement from the major crypto exchanges like Binance tends to impact the prices of the cryptos in both ways.
However, despite the dip in both Dogecoin and Shiba Inu prices, the SHIB burn rate stays in the green, indicating the continued support from the SHIB community to reduce the overall supply. For context, the burn mechanism helps in reducing the overall supply, which in turn aids in bumping up the crypto prices.
During writing, Shiba Inu price traded at $0.00001717, down 3.13% from yesterday, with its trading volume declining 37% to $193.65 million. The meme coin has touched a high of $0.00001772 and a low of $0.00001705 in the last 24 hours. Besides, the Open Interest for Shiba Inu plummeted 8.25% to $32.73 million, indicating a similar condition as seen for Dogecoin.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.