Shiba

Dogecoin

Million

Shiba Inu

Avalanche

The <a href="https://bitcoinist.com/shiba-inu-price-0-0001-target/">prices of both Shiba Inu and Dogecoin</a> fell double-digits on Friday after Bitcoin dropped below $67,000. This decline has seen both <a href="https://bitcoinist.com/dogecoin-shiba-inu-pepe-metric/">meme coins</a> lose their gains for the last few days, triggering losses for investors and traders alike. But what was the cause of the crash? 
<h2 class="p2" id="dogecoin-shiba-inu-follow-bitcoin">Dogecoin, Shiba Inu Follow Bitcoin</h2> 
The price eras experienced by Dogecoin and Shiba Inu on Friday have less to do with a particular development for the assets themselves and more to do with Bitcoin. Bitcoin, which had seen a massive rally from $15,000 to $73,000, experienced a correction and dipped as low as $65,700 on Friday. 
Given that Bitcoin is the market leader and the price action of altcoins often mirrors it, leading to a similar price crash among coins such as <a href="https://bitcoinist.com/binance-meme-shiba-inu-dogecoin/">Shiba Inu and dogecoin</a>. While Bitcoin fell around 9%, the impact of the crash was much more pronounced on the altcoins. 
Dogecoin, for one, saw a 14% crash, with its price dropping from $0.18 to as low as $0.16. In a similar fashion, the <a href="https://bitcoinist.com/shiba-inu-price-0-0001-target/">Shiba Inu price</a> fell a bit further than Dogecoin with an almost 15% decrease in price to bring its blow $0.0000129. 
Despite this crash, <a href="https://bitcoinist.com/elon-musk-tesla-dogecoin/">Dogecoin was able to retain its position</a> as the 9th-largest cryptocurrency by market cap. However, Shiba Inu has been kicked out of the top 10 cryptocurrencies by market cap after its decline sent its market cap to $17 billion, putting it behind Avalanche (AVAX) with a market cap of $19.3 billion. 
<h2 class="p2" id="bitcoin-crash-triggers-812-million-in-liquidations">Bitcoin Crash Triggers $812 Million In Liquidations</h2> 
The price crash has washed out a significant amount of long positions in the last 24 hours as liquidations cross $800 million. As expected, Bitcoin liquidations have accounted for a large amount of these positions, but altcoin positions have not been left out. 
According to <a href="https://www.coinglass.com/LiquidationData" rel="nofollow noopener" target="_blank">data</a> from Coinglass, Bitcoin liquidations reached $279 million, while Ethereum liquidations were $137 million, with Solana accounting for $41.59 million. Then, moving on to <a href="https://bitcoinist.com/binance-meme-shiba-inu-dogecoin/">Dogecoin and Shiba Inu</a>, both of these meme coins saw almost $30 million in liquidations among them. 
In total, over 248,000 traders were liquidated, with the largest single liquidation event happening on the BTC-USDT-SWAP pair on the OKX exchange. The vast majority of the liquidations are understandably longs which account for 82.43% of the total liquidations. 
At the time of writing, the Dogecoin price is sitting at $0.1605 with a 7-day decline of 4.12%, and the <a href="https://bitcoinist.com/shiba-inu-lead-dev-shib-bull/">Shiba Inu price</a> is sitting at $0.00002892 with a 7-day decline of 15.39%, according to data from CoinMarketCap. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/RvVMIBkP/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530">

Why Did Dogecoin And Shiba Inu Drop Almost 15% Today?

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Bitcoinist

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