After delivering gains in the double digits to its investors over the course of the weekend, the values of Dogecoin and Shiba Inu have unexpectedly begun to fall. The decline seems to be connected to widespread profit taking in advance of the most recent drop.
Tumultuous Times for Dogecoin and Shiba Inu
After reaching a local peak during the last weekend, both Dogecoin and Shiba Inu values have since seen a downward trend. Overnight, the price of Dogecoin fell by 13%, while the price of Shiba Inu fell by 12%. Over the weekend, the price of DOGE reached its all-time high, which was $0.087.
Whales continued to amass Dogecoin and Shiba Inu despite the falling prices of both cryptocurrencies from July 2022 until the first week of August.
The level of whale activity on the Shiba Inu network reached its highest point on August 15; the price of SHIB also reached its highest point at the same time.
According to the findings of the cryptocurrency intelligence platform Santiment, both Dogecoin and Shiba Inu had significant price adjustments after reaching their respective peaks on Sunday and Tuesday.
Investors with large wallets predicted when the best time would be to take profits in either of the two cryptocurrencies. There was a correlation between a rise in the number of transactions with a high value, larger than $100,000, and a fall in the price of DOGE and SHIB.
The debut of Libdogecoin by Dogecoin, which is a C-library of Dogecoin creating blocks, was what spurred the rally surge for the meme coin over the weekend.
One of the primary developers of Dogecoin, Michi Lumin, is responsible for the introduction of the library that enables direct integration of Dogecoin into DeFi, NFT, and dApps.
In a manner analogous, the debut of Shiba Eternity served as one of the catalysts for the price increase of Shiba Inu. It is believed that the accumulation of Ethereum by “whales” and investors with huge wallets is another factor contributing to the price increases of Shiba Inu and Dogecoin.
On the other hand, after having produced gains of about 30% over the course of the previous week, both assets are currently suffering losses of double digits overnight as of the 15th of August.
After reaching its highest point in the past three months, the price of Dogecoin started a downward trend, and it has already fallen to the $0.07 level.
In order for the price of Dogecoin to become positive, the particular parameters that need to be satisfied have been identified by a variety of analysts.
Your capital is at risk
Should You Consider Investing?
Yes but only if a certain set of conditions are met. A number of researchers have examined the downward trend line for Dogecoin that has been in place for more than a year. If the price of DOGE can break out of its current slump, it is expected to increase by 6-14% even though the general trend is bearish.
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