This article was last updated on November 22, 2022
That was quick. After a week of rally work both DOGE and SHIB are now down by a significant percentage (-15% and -9% respectively) in less than 24 hours. Of course, we were expecting that, but definitely not so quickly. The memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have now tumbled, raising many questions about both tokens’ future. In this article, we will go over what’s next and the future price for both tokens.
After Elon Musk acquired Twitter on the 28th of October, DOGE and SHIB began a rally due to the stats of Musk in the memecoin community. As you probably know, they call him “The Dogefather”. He is the reason why we saw memecoins get past the top 1000 cryptocurrencies by market cap and straight into the top 20. Both SHIB and DOGE hold their position within the top 20 cryptocurrencies even through the dire times of 2022, which is the worst year in a decade for virtual currencies.
Let’s see what happened in the past couple of days.
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The price of DOGE increased from $0.059 to $0.147 in just 5 days, or nearly a 3x rise. Dogecoin (DOGE) is now at number 8 on the top 100 cryptocurrency market index (by market cap). This is reasonable given that Elon Musk is why Dogecoin’s (DOGE) current position is at the top of the rankings. Now the price has corrected to around $0.131.
Shiba Inu (SHIB) went up by about 30%, going from $0.000010 up to $0.000013 in less than 5 days. Now, the price is around $0.000012, correcting from $0.000013.
Let’s also take a quick look at the cryptocurrency market during the last 10 days. The psychological ceiling of $20,000 has been overcome by Bitcoin, and it is now its support price. On the other side, Ethereum had more percentage gain, rising from a little over $1,300 to about $1,650. The rise of the cryptocurrency market is most likely due to the stock market’s expansion, which also saw growth at the same time.
Why The Price Of DOGE & SHIB Tumbles?
DOGE and SHIB are currently going down because the hype around the news of Elon Musk’s acquisition of Twitter is near its end. However, we are expecting another rally now that the price has dropped by 15% and 9% respectively. There are no other special indicators as to why the price is down, aside from the fact that the whole crypto market is currently seeing a correction after last week’s rally.
This is simply a preparation for what’s to come, which is another bull phase of the crypto market, which, according to technical analysis, is soon to come. Of course, there are no guarantees in the crypto market. However, people are eager to develop the crypto market, and it shows; hence, we might see another bull market beginning before the end of 2022 or by the beginning of 2023.
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