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Shiba Inu (SHIB) and Dogecoin (DOGE) Among Major Crypto Laggards as Market Sees Severe Downturn
Alex Dobnya
Shiba Inu (SHIB) and Dogecoin (DOGE) are the biggest laggards in the market along with Bitcoin Cash (BCH)
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The cryptocurrency market has recently seen another sharp decline, with all major altcoins in negative territory.
Dogecoin (DOGE) and Shiba Inu (SHIB), the two major meme cryptocurrencies, are among the the biggest stragglers in the top 20 along with Bitcoin Cash (BCH). All of these coins are down more than 5% in the last 24 hours.
Last week, Mt. Gox, the failed cryptocurrency exchange that filed for bankruptcy following a devastating cyber attack in 2014, began compensating victims in Bitcoin and Bitcoin Cash.
The exchange, launched by Ripple co-founder Jed McCaleb way back in 2010, has proven to be the main drag on the battered cryptocurrency market.
The market is expecting sustained selling pressure, which is why the leading cryptocurrency is back in the red.
In addition, the cryptocurrency market has been hit by the incessant selling of confiscated Bitcoins owned by German government.
The cryptocurrency market is not all doom and gloom, despite increasingly bearish sentiment. According to Bloomberg, the Deribit options market you think that the recent price correction is just a bump in the road. The market consensus seems to be that the cryptocurrency will still be able to reach the coveted $100,000.
Commodity trader Peter Brandt recently stained a buy signal for Bitcoin, while predicting that the leading cryptocurrency could peak in August 2025.
Caroline Mauron of Orbit Markets told Bloomberg that upcoming inflation data will give traders clues about the Fed’s future rate-cutting decisions. A looser monetary policy would likely push cryptocurrency prices higher.
At press time, the largest cryptocurrency is trading at $55,589, after falling below the $54,000 level last week.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.