The Dogecoin and Shiba Inu prices have experienced a crash over the past 24 hours, as the broader crypto market correction continues. This price decline can be attributed to several factors, including the holiday season, during which many traders choose to stay out of the market. Historical data also shows that it is not uncommon for these meme coins to experience a significant correction during this time of year.
One of the reasons for the crash in Dogecoin and Shiba Inu prices could also be attributed to the decreasing likelihood of Donald Trump creating the Strategic Bitcoin Reserve as promised. Bitcoin had previously started pricing in this initiative after Trump’s victory in the US presidential elections. However, recent statements by experts like Bitwise’s Jeff Park suggest that it is unlikely for the Bitcoin Reserve to be created in 2025, leading to a correction in the Bitcoin price and dragging down the prices of Dogecoin and Shiba Inu as well.
Despite the recent crash, there is still optimism for a bullish reversal in the Dogecoin and Shiba Inu prices. Crypto analysts have predicted a positive outlook for these meme coins, with Master Kenobi forecasting a new peak for Dogecoin by January 2025. Trader Tardigrade also provided a bullish outlook for Dogecoin, stating that the next phase of the bull run is imminent. Javon Marks shared a bullish outlook for Shiba Inu, suggesting that a rally of over 234% is on the cards.
It is important to note that these price crashes are normal for meme coins like Dogecoin and Shiba Inu, as they share a strong positive price correlation with Bitcoin. The overall market sentiment and developments surrounding Bitcoin can heavily influence the prices of these meme coins. However, with the positive predictions from crypto analysts, a price recovery is expected in the near future.
In conclusion, while the Dogecoin and Shiba Inu prices have crashed in the past 24 hours due to various factors, including the holiday season and developments surrounding Bitcoin, there is still optimism for a bullish reversal in the near future. Crypto analysts have predicted positive outcomes for these meme coins, indicating that a price recovery is on the cards. Investors and traders in the crypto market should continue to monitor these developments closely to make informed decisions.
