Why Dogecoin And Shiba Inu Prices Falling Today?

Meme Coins Subside amid Crypto Slump

Meme coins, including Dogecoin and Shiba Inu, have experienced a downturn today, with prices dropping over 3%. This decline coincides with a broader slump in the crypto market, raising questions about the underlying reasons for the dip.

Recent positive momentum for Dogecoin and Shiba Inu on June 26 has fueled market speculation regarding the sudden reversal.

Dogecoin Price Decline

The broader crypto market sentiment appears to be causing investors to adopt a cautious approach before making further investments in the digital asset class. Additionally, the inherent volatility of meme coins, combined with the broader crypto market's uncertainties, may contribute to investors seeking greater clarity before placing bets on Dogecoin.

Remarks from U.S. Federal Reserve officials regarding interest rate plans have also impacted market sentiment. The officials' comments suggest that an interest rate cut in 2024 is unlikely, fueling concerns among market participants.

As of this writing, Dogecoin's price has dropped 3.23%, trading at $0.1223. Its trading volume has also declined by 30% to $489.51 million, reaching a high of $0.126.

Data from CoinGlass indicates a 2.41% decrease in Dogecoin Open Interest to $603.19 million, signaling diminished market interest in the leading meme coin.