Here’s Why Dogecoin And Shiba Inu Prices Are Crashing, Is A Recovery Possible?

Dogecoin and Shiba Inu have experienced significant price drops recently due to poor market sentiment and low bullish activity. Dogecoin's decline is worsened by large holders selling off massive amounts of the token. This selling pressure pushed Dogecoin below a key support level. Shiba Inu's issues stem from its layer-2 network, Shibarium, failing to sustain liquidity and demand. Shiba Inu has hit its lowest price since January 2024, with weak liquidity and low trading volume. Technical indicators confirm Shiba Inu's downtrend, trading below key moving averages. Both meme coins heavily rely on community hype, which is currently lacking. The overall crypto market's downturn has further exacerbated their struggles. Recovery hinges on improved retail engagement and a broader market rally. Dogecoin is currently trying to reclaim the $0.17 support level while Shiba Inu trades around $0.00000897.