Shiba

Dogecoin

April

Notable

Shiba Inu

<p>In an unprecedented twist of events, amidst the broader downtrend witnessed across the cryptocurrency market, the prices of renowned meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) noted a substantial plunge today, nabbing significant investor attention. This plunge witnessed by the meme coins comes riding a plethora of on-chain and market dynamics hovering over the crypto horizon. Here’s a closer look into factors that potentially caused DOGE’s &amp; SHIB’s prices to dip today.</p> 
<h2 id="altcoins-mimic-btc-s-notable-slip">Altcoins Mimic BTC’s Notable Slip</h2> 
<p>Intriguingly, <a href="https://coingape.com/500-million-liquidated-as-bitcoin-btc-price-tanks-5-5-whats-next/" target="_blank" rel="noopener">Bitcoin</a> jotted a remarkable price correction today, as its price slipped back to the $66K mark. As of writing, the BTC token traded at $66,639, causing a turbulent sentiment shift across the broader crypto market.</p> 
<p>The notable plunge witnessed by BTC birthed primarily from phenomenal liquidation witnessed today, worth $131.92 million, per Coinglass data. Meanwhile, other coins followed this liquidation chronicle, with meme coins like DOGE &amp; SHIB mimicking and registering colossal liquidations.</p> 
<p>Dogecoin recorded liquidations worth $14.76 million, with $11.69 million in long positions and $3.07 million in short positions. Whereas, Shiba Inu witnessed liquidations worth $2.32 million, with $2.21 million in long positions and $108.63K in short positions. This substantial closing off of positions for settlements primarily aligns with the dip in DOGE &amp; SHIB prices.</p> 
<p><img decoding="async" class="aligncenter wp-image-189195" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-02-150521.png" alt="DOGE &amp; SHIB Liquidation Chart" width="682" height="353" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-02-150521.png 987w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-02-150521-300x155.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-02-150521-768x398.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-02-150521-150x78.png 150w" sizes="(max-width: 682px) 100vw, 682px"></p> 
<p>Meanwhile, the crypto market saw 139,561 traders liquidated in the past 24 hours, with the total liquidations evaluated as $428.29 million. The largest single liquidation order took place on OKX – ETH-USD-SWAP worth $7.48 million.</p> 
<h2 id="derivatives-data-analysis">Derivatives Data Analysis</h2> 
<p>In the interim, derivatives data flagged out by <a rel="nofollow" href="https://www.coinglass.com/" target="_blank">Coinglass</a> showcased a substantial dip in DOGE and SHIB open interest and OI-weighted funding rate, adding up to the price dip observed today.</p> 
<p>DOGE’s open interest dipped 11.68% to $1.67 billion, while its OI-weighted funding rate slipped to 0.0179%. SHIB noted an 11.07% drop in its open interest, reaching $85.77 million, while its OI-weighted funding rate slipped to 0.0317%.</p> 
<p>This showcased a bearish sentiment among crypto market traders and investors for the meme-based tokens as fewer traders are willing to enter new positions or maintain existing ones, potentially driving the prices down.</p> 
<p><strong>Also Read: <a href="https://coingape.com/binance-list-new-pairs-bch-ltc-other-price-recovery-ahead/" target="_blank" rel="noopener">Binance To List New Pairs For BCH, LTC &amp; Others, Price Recovery Ahead?</a></strong></p> 
<h2 id="doge-shib-tumble">DOGE &amp; SHIB Tumble</h2> 
<p>As of writing, the <a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener">Dogecoin token’s price</a> has plummeted 10.62% in the past 24 hours and is currently trading at $0.1829. On the other hand, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">Shiba Inu token</a> registered a drop of 8.37% in the past 24 hours and is currently resting at $0.00002635.</p> 
<p>Intriguingly, despite the drop in prices, the DOGE and SHIB 24-hour trading volume illustrated notable jumps, underscoring the heightened selling pressure when aligned with liquidations. However, the RSI for both the tokens hinted at a neutral market sentiment, with the asset neither being overbought nor oversold.</p> 
<p>This ignited speculations over future price action shifts, as these tokens may witness a shift in momentum anytime ahead. Although broader technicals for Shiba Inu portray a selling sentiment in the market, adding up to SHIB’s fall, DOGE’s technicals painted a buying sentiment within the market, fueling speculations orbiting a buy-the-dip market sentiment.</p> 
<p>Meanwhile, a Dogecoin whale accumulated 134.82 million DOGE, followed by a SHIB whale’s 461.63 billion coins accumulation. This, in turn, curated investor curiosity over whales’ confidence in the asset, potentially signaling rising price actions ahead.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 461,631,206,896 <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw">#SHIB</a> (13,175,185 USD) transferred from <a href="https://twitter.com/hashtag/Wintermute?src=hash&amp;ref_src=twsrc%5Etfw">#Wintermute</a> to unknown wallet<a href="https://t.co/pFyvok2fOT">https://t.co/pFyvok2fOT</a></p> 
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1774888299896664085?ref_src=twsrc%5Etfw">April 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 134,827,084 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (27,658,034 USD) transferred from <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw">#Robinhood</a> to unknown wallet<a href="https://t.co/On8JNSYkTt">https://t.co/On8JNSYkTt</a></p> 
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1774924043059163153?ref_src=twsrc%5Etfw">April 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><strong>Also Read: <a href="https://coingape.com/crypto-market-selloff-experts-reveal-why-btc-eth-xrp-other-altcoins-fell-suddenly/" target="_blank" rel="noopener">Crypto Market Selloff: Experts Reveal Why BTC, ETH, XRP, &amp; Other Altcoins Fell Suddenly</a></strong></p> 
<p>The post <a href="https://coingape.com/why-dogecoin-and-shiba-inu-prices-fell-today/">Why Dogecoin and Shiba Inu Prices Fell Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Why Dogecoin and Shiba Inu Prices Fell Today?

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