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Dogecoin Bleeds and SHIB Follows! The Elon Factor Steadily Fades

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The Dogecoin price has declined and this time Shiba Inu is following in its footsteps

Over the past few days, several exciting developments have occurred in the volatile crypto ecosystem, and most of them have been triggered by Elon Musk’s purchase of Twitter. One of the top performers amid these developments has been Dogecoin. The Dogecoin price soared to new heights after Elon closed his controversial Twitter deal. Avid followers of the crypto market must be quite well aware of the connection between Dogecoin’s price movements and Elon Musk, which is also quite evident from DOGE’s current price declination, only this time, Dogecoin has dragged Shiba Inu along with it. According to reports, both of the largest meme coins in the market have shown significant losses over the past couple of days. However, DOGE continues to remain among the top cryptocurrencies in the market and SHIB is struggling to remove the zeros from its value. But if the downturn continues, both the memecoins will plummet down to their previous market positions.

Elon’s acquisition of Twitter turned most of the cryptocurrencies green, especially meme coins like Dogecoin and Shiba Inu. DOGE soared over 150%, making it quite obvious that the crypto might soon touch the US$1 mark, while SHIB added approximately US$2 billion to its existing market capitalization, according to reports. Furthermore, the rumor that Musk might install Dogecoin as the currency of Twitter has also played quite well for Elon. However, as soon as, Elon revealed his real plans for Twitter, the mighty position that Dogecoin and Shiba Inu held slowly began to shake. As per experts, both cryptocurrencies lost almost 15% of their values, respectively. Well, the Elon factor is fading and long-term investors have apparently been prepared to face this volatility.

 

Shiba Inu Backs Up Dogecoin This Time

 Experts believe that Elon’s actions increase the hype of Dogecoin and Shiba Inu, the hype tends to skyrocket at times but it’s also extremely unsustainable. Infact, right after DOGE soared 150%, experts calculated that its price might experience extreme decline as soon as the Elon factor starts to wane. Besides, the thought that Twitter might integrate the two meme coins into its platform gave hope to the investors that Dogecoin and Shiba Inu have high future potential. With Twitter only focusing on layoffs and rehiring at this point, investors have slowly started to lose interest.

Apart from the Elon factor, there are several other reasons why both cryptocurrencies are losing value. One of the most important factors is the ongoing FTX-Binance drama. The battle between the two largest crypto companies has been picking up steam and spooked investors again! The entire fiasco began when FTX’s FTT token lost a significant amount of its value right after Binance threatened to dump its tokens. Shortly after that, the value of FTT dropped by almost 11%. Fears of further financial losses started to spread like wildfire in the investment community. This is why investors have started to flee the market once again. Currently, the entire market is in need of a hail mary that will protect cryptocurrencies from undergoing another massive sell-off season.

 

Bottom Line

 The crypto industry experiences new feuds every other day, and the consequences are suffered by the investors. Currently, it is impossible to understand where the values of both Shiba Inu and Dogecoin will go, but unless Twitter resolves its internal issues and presents some good news regarding the adoption of Dogecoin and Shiba Inu, it is most likely that the two cryptocurrencies will continue to plummet further below.

The post Dogecoin Bleeds and SHIB Follows! The Elon Factor Steadily Fades appeared first on Analytics Insight.


Dogecoin-Bleeds-and-SHIB-Follows!-The-Elon-Factor-Steadily-Fades

The Dogecoin price has declined and this time Shiba Inu is following in its footsteps

Over the past few days, several exciting developments have occurred in the volatile crypto ecosystem, and most of them have been triggered by Elon Musk’s purchase of Twitter. One of the top performers amid these developments has been Dogecoin. The Dogecoin price soared to new heights after Elon closed his controversial Twitter deal. Avid followers of the crypto market must be quite well aware of the connection between Dogecoin’s price movements and Elon Musk, which is also quite evident from DOGE’s current price declination, only this time, Dogecoin has dragged Shiba Inu along with it. According to reports, both of the largest meme coins in the market have shown significant losses over the past couple of days. However, DOGE continues to remain among the top cryptocurrencies in the market and SHIB is struggling to remove the zeros from its value. But if the downturn continues, both the memecoins will plummet down to their previous market positions.

Elon’s acquisition of Twitter turned most of the cryptocurrencies green, especially meme coins like Dogecoin and Shiba Inu. DOGE soared over 150%, making it quite obvious that the crypto might soon touch the US$1 mark, while SHIB added approximately US$2 billion to its existing market capitalization, according to reports. Furthermore, the rumor that Musk might install Dogecoin as the currency of Twitter has also played quite well for Elon. However, as soon as, Elon revealed his real plans for Twitter, the mighty position that Dogecoin and Shiba Inu held slowly began to shake. As per experts, both cryptocurrencies lost almost 15% of their values, respectively. Well, the Elon factor is fading and long-term investors have apparently been prepared to face this volatility.

 

Shiba Inu Backs Up Dogecoin This Time

 Experts believe that Elon’s actions increase the hype of Dogecoin and Shiba Inu, the hype tends to skyrocket at times but it’s also extremely unsustainable. Infact, right after DOGE soared 150%, experts calculated that its price might experience extreme decline as soon as the Elon factor starts to wane. Besides, the thought that Twitter might integrate the two meme coins into its platform gave hope to the investors that Dogecoin and Shiba Inu have high future potential. With Twitter only focusing on layoffs and rehiring at this point, investors have slowly started to lose interest.

Apart from the Elon factor, there are several other reasons why both cryptocurrencies are losing value. One of the most important factors is the ongoing FTX-Binance drama. The battle between the two largest crypto companies has been picking up steam and spooked investors again! The entire fiasco began when FTX’s FTT token lost a significant amount of its value right after Binance threatened to dump its tokens. Shortly after that, the value of FTT dropped by almost 11%. Fears of further financial losses started to spread like wildfire in the investment community. This is why investors have started to flee the market once again. Currently, the entire market is in need of a hail mary that will protect cryptocurrencies from undergoing another massive sell-off season.

 

Bottom Line

 The crypto industry experiences new feuds every other day, and the consequences are suffered by the investors. Currently, it is impossible to understand where the values of both Shiba Inu and Dogecoin will go, but unless Twitter resolves its internal issues and presents some good news regarding the adoption of Dogecoin and Shiba Inu, it is most likely that the two cryptocurrencies will continue to plummet further below.

The post Dogecoin Bleeds and SHIB Follows! The Elon Factor Steadily Fades appeared first on Analytics Insight.

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