this Dogecoin and Shiba Inu prices A huge loss was recorded this week, triggering bearish sentiment on top meme coins. This price collapse occurred amid geopolitical tensions in the Middle East between Israel and Iran.
Why Dogecoin and Shiba Inu prices crash
CoinMarketCap Data It shows that over the past seven days, Dogecoin and Shiba INU prices have recorded huge losses. The price drop occurred after June 13 Israel’s attack In Iran, this has once again escalated tensions in the Middle East. This development immediately caused fear in the entire market, causing the highest meme coin to launch.
The market took a further blow on the same day Iran’s retaliatory strike against Israel. Since then, the two countries have continued to exchange fires, and explosions have been heard in Jerusalem and Tel Aviv. This raises concerns that it could escalate into a full-scale war, which is for Dogecoin and Shiba INU price.
Additionally, oil prices are soaring due to Israel-Iran tensions, which is also bearish for the highest meme coins. Rising oil prices will lead to higher inflation, which will force US Federal Reserve Keep interest rates stable and even raise interest rates. This quantitative tightening (QT) measurement limits liquid flow and may negatively affect Dogecoin and Shiba INU prices.
In this price crash, Shop data It shows that open interest in domycin has dropped by more than 2% to $1.78 billion. This brings the meme coin closes to its December 2024 low when it had its local high of $0.45. Doge’s derivative trading volume It also collapsed 37%, indicating a lack of interest in meme coins among cryptocurrency merchants. Currently, most traders are also shortening Dogecoin, with a long-term ratio of 0.9.
Small shop data Also painted bearish pictures for shiba inu prices. Shib’s derivatives trading volume has crashed more than 38% to $173 million. The remote ratio is 0.9, indicating that most traders are shortening the meme coins. However, open interest rose nearly 1% to $142 million, which is positive for Shiba INU.
Doge and Shib may deviate from current levels
Crypto Analyst Trader Tardigrade It is suggested that Dogecoin may bottom out at current price levels. exist X Postshe said, the meme coin reached the end of the fourth wave corrective action, just before the fifth wave’s huge move. His accompanying chart shows that when its eye is the new all-time high (ATH), Doge may exceed $0.65 in this lift.
Meanwhile, crypto analyst Investinghaven recently Shiba inu price. exist X Postshe noted that Shib maintained a super $0.000012345 level in the critical period window, which is consistent with the forecasted annual low of $0.0000133. The graph shows signs of potential W-reversals, and a successful W-reversal may send SHIB to around $0.0000666, the analysts added.
Featured images from Shutterstock, charts from TradingView.com
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
