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Dogecoin and Shiba Inu

Here’s Why The Dogecoin And Shiba Inu Prices Crashed Today

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin and Shiba Inu prices have crashed in the last 24 hours as the broader crypto market correction continues. This price crash is due to several developments, including the holiday season, with several traders choosing to stay out of the market during this period. 

Why The Dogecoin And Shiba Inu Prices Crashed

CoinMarketCap data shows that Dogecoin and Shiba Inu prices have crashed over 3% in the last 24 hours. The holiday season has contributed to the price crash for the foremost meme coins. Traders are known to stay out of this market during this period, which sparked a wave of sell-offs, leading to these price declines. 

Related Reading: Dogecoin Price Repeats Bullish Fractal From 2021, Why January 2025 Is Important

Historical data also shows that it isn’t out of place for the Dogecoin and Shiba Inu prices to record a significant correction during this period. DOGE has closed December in the red in two out of the last three years, including during the 2021 bull run. Like Dogecoin, the Shiba Inu price has also closed December in the red in two out of the last three years. 

Meanwhile, another reason Dogecoin and Shiba Inu prices could have crashed is the increasing likelihood that Donald Trump will not create the Strategic Bitcoin Reserve as promised. Bitcoin began to price into this initiative right after Trump won the US presidential elections. 

However, in the past few days, experts like Bitwise’s Jeff Park have suggested that it is unlikely that the Bitcoin Reserve will be created in 2025. The Bitcoin price has corrected on the back of this development, dragging the Dogecoin and Shiba Inu prices alongside. These meme coins share a strong positive price correlation with the flagship crypto. As such, it is normal for them to experience such price crashes as BTC corrects. 

A Price Recovery Is On The Cards

Despite this recent crash, the Dogecoin and Shiba Inu prices are still expected to witness a bullish reversal. Crypto analyst Master Kenobi predicted that the Dogecoin price could reach a new peak by January 2025. The analyst alluded to the 2021 bull run when DOGE experienced a bullish reversal in January 2021 after a significant price correction in December 2020. 

Related Reading: Dogecoin Whales Go On 270 Million DOGE Buying Spree As Crash Provides Low Entry

Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price, suggesting that the next phase will begin soon. In an X post, he stated that DOGE has started the bull run, revealing that the meme coin follows a particular bullish pattern. 

Dogecoin Shiba Inu price 1
Source: X

Meanwhile, Javon Marks provided a bullish outlook for the Shiba Inu price, suggesting that a bullish reversal was imminent. He stated that Shiba Inu has added bullish signals, and the road to $0.000081 looks like it will continue. In line with this, he remarked that a rally of over 234% is on the cards. 

Dogecoin price chart from Tradingview.com Shiba Inu
DOGE price recovers with bullish strength | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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