The cryptocurrency market is experiencing a bloodbath on Friday with leading altcoins falling double digits in the charts. The markets are bleeding porously leading to massive losses for investors in the day’s trade. The domino effect started when Bitcoin plummeted nearly 10% in the indices falling to the $54,000 price range. Another round of sell-off could pull BTC below the $50,000 mark. This kick-started a downturn and leading meme currencies like Dogecoin and Shiba Inu faced the brunt of the market.
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Dogecoin fell 15% in the day’s trade and also added an extra zero in the charts on Friday. It is trading at $0.096 today and is attracting bearish sentiments. On the other hand, Shiba Inu fell 15% and is hovering around the $0.000013 mark in the indices. Another downturn could also make SHIB add an extra zero and trade at the $0.000009 range.
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All leading cryptocurrencies are facing pressure in the charts including Ethereum, Ripple’s XRP, and Cardano’s ADA. While Ethereum fell 12%, XRP is down 12%, and ADA plummeted 16%. The weekend could be harsh for the cryptocurrency market as sell-offs could be triggered by investors. Dogecoin and Shiba Inu could dip further adding to the losses.
What Next For Shiba Inu & Dogecoin
If the cryptocurrency market falls under the bearish grips again, Shiba Inu and Dogecoin could take months to recover. Both the cryptocurrencies barely performed after Q1 this year and traded sideways. After the Bitcoin halving event in April 2024, SHIB and DOGE went south shedding more than 40% of its value.
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The weekend holds the key to which direction the cryptocurrency market could move. If Bitcoin dips further, then SHIB and DOGE have more chances of bleeding in the indices. Dogecoin and Shiba Inu’s prices move in tandem with BTC and a downturn from here will be difficult to recover quickly.
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