SHIB and DOGE Fall Behind in Market Slump

Shiba Inu (SHIB), Dogecoin (DOGE) Plummet Amid Crypto Market Downturn

Shiba Inu (SHIB) and Dogecoin (DOGE), along with Bitcoin Cash (BCH), have suffered significant losses as the cryptocurrency market experiences another sharp decline. All major altcoins are currently trading in the red.

Meme Coins Struggling

Dogecoin (DOGE) and Shiba Inu (SHIB), the leading meme cryptocurrencies, are among the top 20 losers, alongside Bitcoin Cash (BCH). These coins have shed more than 5% of their value in the last 24 hours.

External Factors Impacting the Market

The crypto market has been affected by two key factors:

- Mt. Gox Repayments: Mt. Gox, the defunct cryptocurrency exchange, has begun repaying creditors in Bitcoin and Bitcoin Cash. This has created selling pressure on the market.

- German Bitcoin Sell-Off: The German government has continued to sell its confiscated Bitcoin, further impacting the market.

Cautious Optimism Amid Bearish Sentiment

Despite the negative sentiment, there are still signs of optimism in the cryptocurrency market. According to Bloomberg, the options market Deribit believes the recent price correction is temporary. Many analysts remain bullish on Bitcoin's long-term prospects, with some predicting it could reach $100,000.

Buy Signal for Bitcoin

Commodity trader Peter Brandt has identified a potential buy signal for Bitcoin, suggesting it could reach its peak in August 2025.

Inflation Data and Market Expectations

Upcoming inflation data will provide insights into the Federal Reserve's future decisions on interest rates. A more accommodative monetary policy could positively impact cryptocurrency prices. Bitcoin is currently trading at $55,589 after dropping below $54,000 last week.

Disclaimer: Please note that this article provides informational purposes only and should not be construed as financial or investment advice.