Dogecoin and Shiba Inu Prices Struggle Amid Bitcoin Decline and Investor Uncertainty

Dogecoin and Shiba Inu prices are down, closely mirroring Bitcoin dip, as investor uncertainty and low demand weigh on the meme coins.

Dogecoin (DOGE) and Shiba Inu (SHIB) have faced lackluster price performance over the past 24 hours, largely due to their strong correlation with Bitcoin price movements. According to data from IntoTheBlock, Dogecoin price correlation with Bitcoin stands at 0.97, while Shiba Inu’s is at 0.91. This near-peak correlation means that as Bitcoin struggles, so do these meme coins.

Bitcoin’s price has recently dipped below $60,000, currently hovering near $58,000, causing ripple effects across the crypto market. This downturn has introduced a “discernible level of uncertainty and indecision” among digital asset investors, as highlighted by the on-chain analytics platform Glassnode. This uncertainty has particularly affected risk assets like Dogecoin and Shiba Inu, which have seen mixed flows as investors remain hesitant about their positions.

The bearish outlook is further supported by the behavior of large holders, or “whales,” in the Dogecoin and Shiba Inu markets. Data shows that Dogecoin’s large transactions have stagnated, while Shiba Inu has seen a 14% decline in such transactions. This reduction in whale activity contributes to the ongoing price struggles.

For Dogecoin, the critical support level to watch is $0.10. According to crypto analyst Crypto Daily, as long as Dogecoin remains above this level, its price outlook can remain bullish, with potential for a rally if it surpasses the $0.11 resistance. Meanwhile, Shiba Inu’s key support level is $0.000010, with a large number of holders at this price point. If Shiba Inu falls below this level, it could trigger significant sell-offs as investors aim to minimize losses.

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