Bitcoin Price Crash Sends Shiba Inu And Dogecoin Spiraling

Shiba Inu and Dogecoin have suffered market crashes today after the Bitcoin price crash. Both of these meme coins have seen their prices fall more than 7% already

Bitcoin’s price crash has led to a downturn in the prices of several cryptocurrencies, including meme coins Shiba Inu and Dogecoin. Both coins have seen their prices decrease by more than 7% already.

Bitcoin’s sell-offs have had a significant impact on the prices of other cryptocurrencies. Recently, both the US and German government sold off BTC, leading to a price drop to $57,000, which continued to decrease.

On-chain data tracking and aggregation platform Arkham Intelligence, reported transactions from BTC wallets linked to both the German and US governments. According to the platform, the German government sent $29.95 million (500 BTC) to the Bitstamp crypto exchange. Usually, coins are sent to exchanges in order to sell them, which is why the market reacted negatively, leading to a drop in the BTC price.

Another transaction that caught investors’ attention is one associated with the US government. In the early hours of Thursday, Arkham also reported a transaction involving 249.43 BTC, which was valued at $14.38 million at the time of the transaction.

However, the US government’s transaction was not sent to a centralized exchange like Bitstamp, rather it was sent to an unknown wallet, unlike the German government’s transaction. This does not necessarily indicate that the US government is not selling, as the transaction could be an over-the-counter (OTC) transaction that eliminates the fees of exchanges.

Both Dogecoin and Shiba Inu prices have succumbed to bearish pressure, albeit to varying degrees. The Dogecoin price has dropped 7% to reach $0.11 after a strong start to the year 2024.

Following the same trend, the Shiba Inu price has already dropped 8% in the last 24 hours as well. This decline has pushed Shiba Inu’s price to $0.0000153, representing an over 50% drop from its early 2024 price highs. On the weekly chart, both meme coins have also suffered, with Dogecoin and Shiba Inu dropping 9.3% and 10.6%, respectively.

Whether the prices of these meme coins will continue to struggle is ultimately tied to the Bitcoin price, as the pioneer cryptocurrency has seen the majority of the sell-offs, which often determines the market direction. If the Bitcoin price does start to recover, then Dogecoin and Shiba Inu are expected to follow.

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