DOGE and SHIB Prices Tumble as Meme Coins Market Cap Reaches $15.8B

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Altcoins
DOGE and SHIB Prices Tumble as Meme Coins Market Cap Reaches $15.8B

After rising to over $1 trillion yesterday, the cryptocurrency market took a break today due to various factors and dropped by 3%. This included the buy and sell pressures still in place, which also affected the value of meme coins sideways to $15.8 billion.

The Dogecoin Price Falls Nearly 2%

Dogecoin (DOGE) has lost 1.80% since its last price of $0.068826. According to market cap expert, CoinMarketCap, DOGE is the 10th largest cryptocurrency by market cap.

Dogecoin’s current market cap is $9,131,190,072 and has a 24-hour trading volume of approximately 49,541,797 DOGE. The well-known meme coin has a total supply of 132,670,764,300. According to experts and crypto-traders, the cryptocurrency could reach the $0.0878 mark.

Developers of Dogecoin have released a new update that aims to improve the platform’s efficiency, performance, and security. In addition, they have also reduced the dust limit to 0.01 DOGE. The new fee mechanism will allow users to decentralize the network further.

The developers of Dogecoin have also added various memes to the platform, which has increased the network’s activity. In the past 24 hours, around 80,000 transactions have been made on the platform. The MyDoge wallet is another excellent addition to the Dogecoin meme economy. It allows users to send DOGE tips to their favorite meme creators.

According to experts, DOGE is expected to break through the $0.078 mark within the next couple of days. If it fails to do so, the price of the meme coin could plummet by around 60%. It would be a huge loss for the cryptocurrency.

The value of DOGE has been rising steadily over the past three months, as folks largely forgot its biggest decline in December. Its MDIA value has also dropped by over 20% in three days.

SHIBA INU Drops 2%

The price of Shiba Inu has dropped by 2.03% over the past 24 hours. Despite this, it is still regarded as the 15th largest cryptocurrency by market cap.

The market cap of the cryptocurrency SHAIB is currently $6,573,280,152. It has a 24-hour trading volume of over 400,000 USD. The total supply of the coin is 549,063,278,876,302.

Despite the recent decline in the crypto space, the price of ShIB has risen by 31%. It strongly indicates that many investors are starting to take the company seriously.

Despite the recent crypto crash, Shiba Inu was able to revive many wallets. Many of these were affected by the losses caused by major cryptocurrencies such as Bitcoin and Ethereum.

Despite the recent volatility, Shiba Inu is still gaining traction and showing positive momentum. It has been performing well in maintaining its positive momentum and is expected to continue moving higher. The various projects and collaborations in the industry will help push cryptocurrency to the next level.

Shiba Inu’s investors were very happy when the price of the cryptocurrency broke out of its recent trading range and hit a high of US$0000116. The rising price of the token strongly indicates that the market is starting to move in a positive direction.

Ethereum Price ‘Cup and Handle’ Pattern

Since July 18, the price of ETH/BTC has been forming a cup and handle formation on its lower-time frame charts. This structure usually occurs when the price goes down and rebounds in what looks like a U-shaped recovery.

The recovery rally leads to a break below the falling channel, referred to as the “handle.” The pattern eventually resolves once the price is equal to its prior decline. The pair is trading lower inside the handle range, but it could bounce back towards the neckline resistance at around 0.071 BTC. A decisive break above this level could lead to a significant increase in the price of ETH/BTC to around 0.072.