Dogecoin Looks To Hold It Together But Shiba Inu Continues To Crash Hard: What's Going On?

Dogecoin DOGE/USD fell 2.17% to $0.26 over 24 hours but the fall in rival meme coin Shiba Inu SHIB/USD was more extreme as it plunged 17.7% over 24 hours to $0.00004723.

What’s Moving? DOGE has declined 10% over a seven-day trailing period but SHIB fell 34.05% in a similar time frame.

Over a longer horizon, SHIB has still stacked up impressive 30-day gains of 111.3%, while DOGE has been flat in that time period, inching up 0.04%.

DOGE has racked up an impressive 4510.14% year-to-date gains. 
See Also: How To Buy Dogecoin (DOGE)

Why Are They Moving? Both DOGE and SHIB traded in the red as major coins remained largely flat. 

The global cryptocurrency market capitalization was largely unchanged at press time rising 0.04% to $2.74 trillion.

In terms of Twitter activity, SHIB was mentioned in 15,939 tweets and was the second-most mentioned coin after Bitcoin, which attracted 22,104 tweets. 

DOGE was on the seventh spot on Cointrendz's list of “Top 10 Mentions” on Twitter. It was mentioned in 4,114 tweets.

Ecoinometrics said Thursday that both Bitcoin and Ethereum could rise up significantly if history repeats itself. The on-chain data source noted BTC could touch the $253,800 level while ETH could rise up to $22,300.

While DOGE has remained relatively firm over the last week, SHIB has plunged after a billionaire who turned $8,000 into $5.7 billion through investment in the meme coin moved funds across the blockchain. 

Meanwhile discussions on r/SHIBArmy, a Shiba-Inu centric Reddit discussion board gravitated towards the plunging price of the meme coin.

User Holierthanhe noted, “Oh it's just that whale moving trillions Shib into some wallets is all. He caused a little worry. No worries things will recover. Prepare thy feasting when it hits a penny. We are still the early days adopters.”

SoulSoupSpoonyG, a poster on the forum, said that part of the reason why the coin was falling was due to fear, uncertainty and doubt or FUD.

“All the people posting FUD and commenting about how they sold. I hope this period is just a cleansing of non believers and naysayers.”

Meanwhile, despite its slumping price Johnny Lyu, CEO of KuCoin said he would hold the meme coin long term along with bitcoin and dogecoin as they represent the power of community, reported MarketWatch. 

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