Why Dogecoin And Shiba Inu Prices Falling Today?
Release: 2024/06/27 13:09 Reading: 963
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=204581
Meme Coins Retreat Amidst Market Slump
The meme coin market faced a setback, with Dogecoin and Shiba Inu prices nosediving by over 3%. This decline coincides with a broader crypto market downturn, igniting discussions about potential catalysts.
Following a bullish period on June 26, Dogecoin and Shiba Inu's sudden retreat has fueled market speculation.
Factors Contributing to Dogecoin's Decline
Market participants appear to be exercising caution before investing further in digital assets amidst the overall market volatility. Given the highly unpredictable nature of the cryptocurrency market, investors may be seeking clearer signals before committing to meme coins like Dogecoin.
Additionally, hawkish remarks from U.S. Federal Reserve officials regarding interest rate policies have dampened market sentiment. Officials have indicated that an interest rate cut in 2024 is premature, raising concerns among investors.
As of writing, Dogecoin's price has dropped by 3.23% to $0.1223. Its trading volume has also declined by 30% to $489.51 million, with a peak price of $0.126.
CoinGlass data reveals a 2.41% decrease in Dogecoin Open Interest to $603.19 million, suggesting waning market interest in the leading meme coin.
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