Dogecoin

Last year, the Federal Reserve&#39;s aggressive rate hike Once Silicon Valley Bank collapsed on Friday morning due to a bank run and capital problem, Dogecoin (DOGE) fell in value in the cryptocurrency market.The market cap of top meme tokens dropped over 11% in 24 hours after Silvergate, a crypto-friendly bank collapsed. DOGE trade volume has increased by approximately 30%, indicating a major market sell-off. DOGE fell 21% in the past week to $0.0640. The dog-themed coin lost 11% of its value in 24 hours, according to Coingecko.The meme token has dropped 31% in 30 days and 24% in two weeks, with only a 2% growth since 2023. DOGE&#39;s speculative nature and low fundamental value cause macroeconomic uncertainty. Investors and traders drive its value, making it volatile and unpredictable. Silicon Valley Bank&#39;s collapse caused today&#39;s DOGE price drop.The Federal Reserve&#39;s aggressive rate hike last year contributed to SVB&#39;s slide.While interest rates were near zero, banks bought low-risk long-term Treasuries. As the Fed raised interest rates to control inflation, these investments lost value, resulting in bank losses.DOGE&#39;s 24-hour trading volume has returned to $681 million, up 103%, providing lively market activity that can lead to gains under the appropriate conditions. Nonetheless, Shibburn claimed that the burn rate of their favorite meme coin jumped by 36,497.56%, giving the SHIB army reason to cheer.The crypto&#39;s burn rate may have increased due to the Shibarium Beta layer-2 blockchain&#39;s release.How this plays out depends on how catastrophic SVB&#39;s fall is and how it affects investor sentiment and Shibarium&#39;s launch excitement.With Silicon Valley Bank&#39;s bankruptcy and FUD about hidden financial and banking dangers, some market observers foresee further crypto sector suffering. “There might be a slaughter next week as [...] short sellers are out there and they are going to hit every single bank, especially the smaller ones,” Whalen Global Advisors chairman Christopher Whalen told Reuters.SHIB&#39;s market activity is strong, but larger addresses are selling their holdings, reducing whale transactions. Analysts watch Silicon Valley Bank&#39;s next moves to see how they&#39;ll affect Dogecoin&#39;s price.

Silicon Valley Bank Collapse Hammers Dogecoin Price Down 11% – More Pain For DOGE?

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