Shiba

Dogecoin

Chair

Shiba Inu

<p><a href="https://bitcoinist.com/shiba-inu-dogecoin-shib-excitement/">Dogecoin (DOGE) and Shiba Inu (SHIB)</a> have experienced price declines of over 10% this week. The downtrend experienced by these <a href="http://v" rel="nofollow" target="_blank">meme coins</a> is likely due to the macro side, which has cast doubts in the minds of crypto investors.</p> 
<h2 id="the-us-fed-s-hawkish-stance-has-cast-a-shadow-of-doubt">The US Fed’s Hawkish Stance Has Cast A Shadow Of Doubt</h2> 
<p>Dogecoin and Shiba Inu are believed to have declined this week thanks to the US Fed’s stance on interest rate cuts. The <a href="https://bitcoinist.com/cpi-bitcoin-crypto-see-unexpected-boost/">Consumer Price Index (CPI)</a> inflation data came in lower than expectations, which provided a boost for the crypto market. However, Federal Reserve Chair <a href="https://bitcoinist.com/fomc-spooks-crypto-200-m-liquidated-in-selloff/">Jerome Powell’s speech</a> highlighted the Fed’s hawkish stance, as he suggested that the Central Bank wasn’t yet looking to cut interest rates.&nbsp;</p> 
<p>His speech came following the US Fed’s decision to leave interest rates unchanged between 5.25% and 5.5%. This development has dampened investors’ confidence in investing in risk assets like cryptocurrencies. The crypto market, led by <a href="https://bitcoinist.com/bitcoin-price-suffers-sharp-decline/">Bitcoin, experienced a decline</a> following Powell’s speech, with the flagship crypto dropping from around $70,000 to $66,000.</p> 
<p>Dogecoin and Shiba have had to bear a major brunt of this development, considering that investors are more likely to invest in <a href="https://bitcoinist.com/meme-coins-high-risk-score/">utility tokens than meme coins</a> amidst their fear of interest rates remaining unchanged throughout the year. Moreover, <a href="https://app.intotheblock.com/coin/DOGE" rel="nofollow noopener" target="_blank">data</a> from IntoTheBlock shows that the foremost meme coins still correlate with Bitcoin’s price. As such, they were expected to decline significantly alongside the flagship crypto.&nbsp;</p> 
<p>Shiba Inu’s decline is also believed to be due to the massive selling pressure the meme coin faced recently. Bitcoinist <a href="https://bitcoinist.com/shiba-inu-sell-pressure-shib/">reported</a> that Shiba Inu whales moved 4.29 trillion Shiba Inu tokens to Coinbase, a move that suggested these investors were looking to offload their Shiba Inu holdings soon enough.&nbsp;</p> 
<h2 id="dogecoin-and-shiba-inu-to-bounce-back">Dogecoin And Shiba Inu To Bounce Back</h2> 
<p><a href="https://bitcoinist.com/can-dogecoin-reach-0-2/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough.">Crypto analyst CrediBULL Crypto</a> recently <a href="https://bitcoinist.com/dogecoin-solana-good-news/">mentioned</a> that Dogecoin had reached a ‘make it or break it’ point. The analyst claimed this was good for the meme coin because Bitcoin had also dropped to its range lows simultaneously. He predicted that Dogecoin would rebound if Bitcoin enjoyed a price reversal.&nbsp;</p> 
<p><a href="https://bitcoinist.com/crypto-analyst-says-dogecoin-could-rally-2500-presents-possible-targets/">Crypto analyst Kevin (formerly Yomi OG)</a> also suggested that Dogecoin’s chart was healthy and that the foremost meme coin was primed for an upward trend. This came following his <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-metric-turned-bullish/#:~:text=Kevin%20mentioned%20in%20an%20X,coin%20in%20the%20coming%20months." rel="nofollow noopener" target="_blank">revelation</a> that the 12-day time frame on the Gaussian channel just recently flipped green on Dogecoin’s chart for the first time since December 2020. He stated that indicates a bullish trend is on the horizon for Dogecoin.&nbsp;</p> 
<p>Meanwhile, despite the selling pressure on Shiba Inu, the meme coin’s fundamentals paint a bullish picture, and it shouldn’t be long before it records a price rebound. <a href="https://x.com/shibburn/status/1801540126109016329" rel="nofollow" target="_blank">Data</a> from the <a href="https://bitcoinist.com/shiba-inu-3275-spike-burn-rate/">burn tracking platform Shibburn</a> shows that Shiba Inu’s burn rate has spiked by over 863% in the last 24 hours.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Bp1AMqcq/" alt="Dogecoin price chart from Tradingview.com (Shiba Inu)" width="3286" height="1576">

Why Did The Dogecoin And Shiba Inu Price Crash Over 10% In One Week?

Table of Contents

Bitcoinist

Other articles published on Jun 14, 2024

Privado ID Emerges from Polygon Labs as a New Identity Solution

Paradigm Raises $850 Million for Third Crypto Fund

EXCLUSIVE: Biden Administration 'Let The SEC Go Unchecked,' Tether Co-Founder Says

Top Crypto Presale in June 2024: MoonBag Dominates with Staking Frenzy, Outstripping Bitbot and K...

Amid $23 mln loss, UwU Lend offers $5 mln bounty for hackers: Report

Speculators Bet $200,000 on Solana ETF Approval

Join our free newsletter for daily crypto updates!