Coin Realm reports:
On Friday, the cryptocurrency market is undergoing a bloodbath, with leading altcoins plummeting by double digits on the charts. The market is bleeding profusely, causing investors to suffer significant losses in the day’s trading. A domino effect began with Bitcoin’s near 10% crash in the index, falling to the $54,000 price range. Another sell-off could potentially push Bitcoin below the critical $50,000 mark. This round of sell-offs triggered an economic downturn, with major meme coins like Dogecoin and Shiba Inu bearing the brunt.
Further reading: Shiba Inu: How High Can SHIB Go in 2024?
Dogecoin fell by 15% in today’s trading, adding an extra zero in Friday’s chart. Its trading price today is $0.096, attracting bearish sentiment. On the other hand, the Shiba Inu index fell by 15%, currently hovering near the $0.000013 mark. Another downturn could add an extra zero to SHIB, with trading prices in the $0.000009 range.
Further reading: Shiba Inu: When Can SHIB Remove the Next Zero
All leading cryptocurrencies are under pressure on the charts, including Ethereum, Ripple’s XRP, and Cardano’s ADA. Ethereum fell by 12%, XRP by 12%, and ADA plummeted by 16%. The weekend could be challenging for the cryptocurrency market as investors may trigger a sell-off. Dogecoin and Shiba Inu could further decline, increasing losses.
What’s Next for Shiba Inu and Dogecoin
Source: Pixabay
If the cryptocurrency market plunges into a bear market again, Shiba Inu and Dogecoin may take months to recover. Both cryptocurrencies have shown almost no performance after the first quarter of this year and have been trading sideways. After the Bitcoin halving event in April 2024, SHIB and DOGE headed south, with their value dropping by over 40%.
Further reading: Shiba Inu: New Prediction Shows SHIB Will Rise by 250%, Reaching $0.00005
The weekend is pivotal for the direction of the cryptocurrency market. If Bitcoin falls further, then SHIB and DOGE are more likely to bleed in the index. Dogecoin and Shiba Inu’s prices fluctuate in sync with BTC, and the subsequent downturn will be difficult to recover from quickly.