The Dogecoin and Shiba Inu prices have experienced a significant crash in the last 24 hours, in line with the broader crypto market correction that is currently ongoing. This price decline can be attributed to various factors, including the holiday season, during which many traders choose to step back from the market.
Data from CoinMarketCap reveals that both Dogecoin and Shiba Inu prices have plummeted by over 3% within the past day. The holiday season traditionally sees a decrease in trading activity, leading to a wave of sell-offs and subsequent price drops for these meme coins. Historical data also indicates that it is not uncommon for Dogecoin and Shiba Inu prices to undergo corrections during this time of year.
Another contributing factor to the crash in Dogecoin and Shiba Inu prices could be the diminishing likelihood of Donald Trump following through on his promise to establish a Strategic Bitcoin Reserve. The initial anticipation of this initiative had positively impacted Bitcoin prices, but recent statements from experts like Bitwise’s Jeff Park suggest that it may not materialize until 2025. This uncertainty has caused a correction in Bitcoin prices, dragging down the values of Dogecoin and Shiba Inu as well, given their strong price correlation with Bitcoin.
Despite the recent price crash, there is optimism for a bullish reversal in the future for both Dogecoin and Shiba Inu. Crypto analysts like Master Kenobi and Trader Tardigrade have projected positive outcomes for these meme coins, with expectations of a new peak for Dogecoin by January 2025. Trader Tardigrade also noted a bullish pattern emerging for Dogecoin, indicating a potential bull run on the horizon. Similarly, Javon Marks expressed confidence in a bullish reversal for Shiba Inu, foreseeing a rally of over 234% towards the target price of $0.000081.
In conclusion, while the recent crash in Dogecoin and Shiba Inu prices may be concerning, there is a sense of optimism for a price recovery and potential bullish trends in the near future. As the crypto market continues to evolve and respond to various external factors, investors and traders should closely monitor developments and adjust their strategies accordingly to capitalize on potential opportunities.
