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Dogecoin and Shiba Inu prices fell by over 3% on June 27, driven by market volatility and hawkish comments from U.S. Federal Reserve officials, sparking investor concern.
Hawkish Fed Comments and Market Volatility Drive Dogecoin and Shiba Inu Prices Down Over 3%
In a recent report by CoinGape, on June 27, the prices of the most prominent meme currencies, Dogecoin and Shiba Inu, experienced a decline, which prompted market discussions. This section investigates the potential causes of the most recent decline.
The meme coins sector was not an exception to the market dip, as the prices of significant players such as Dogecoin and Shiba Inu fell by over 3%. Nevertheless, despite the generally bleak market situation, the most recent decrease in the prices of meme currencies has sparked speculation regarding the potential causes.
Furthermore, the abrupt decline of Dogecoin and Shiba Inu after their upward trajectory on June 26 has intensified market discourse.
Market participants are refraining from placing additional wagers in the digital asset sector until they have assessed the broader market scenario. In addition, investors may seek further information before placing their bets on Dogecoin, given the highly volatile nature of the broader cryptocurrency market, let alone the meme coins sector.
The market sentiment is influenced by the recent hawkish comments from U.S. Federal Reserve officials regarding the policy rate plans. This is particularly noteworthy. The officials' observation that it is premature to contemplate an interest rate reduction in 2024 sparked market concerns.
In the interim, Dogecoin's price has decreased by 3.23% and is currently trading at $0.1223. In addition, its trading volume decreased by 30% to $489.51 million, while its price reached a high of $0.126. Conversely, the Dogecoin Open Interest dropped by 2.41% to $603.19 million, as evidenced by the CoinGlass data, suggesting that market interest in the foremost meme coin is diminishing.
Binance Delisting and Market Trends Impact Shiba Inu Price, Dropping Over 3%
The performance of the Shiba Inu Coin may have been influenced by the broader market trends, as previously discussed for Dogecoin. In addition, on June 27, other factors could have affected the SHIB price.
Binance announced the delisting of TUSD pairs for Shiba Inu on June 26, among other things, which has piqued investors' interest. The prices of cryptos are typically influenced by the announcements made by prominent crypto exchanges, such as Binance.
Nevertheless, the SHIB burn rate remains green, indicating the SHIB community's ongoing support for reducing the overall supply despite declining Dogecoin and Shiba Inu prices. To provide context, the firing mechanism reduces the total supply, increasing the cryptocurrency's price.
The Shiba Inu price was $0.00001717 during the writing process, representing a 3.13% decrease from yesterday. The trading volume decreased by 37% to $193.65 million. In the past 24 hours, the meme coin has experienced a high of $0.00001772 and a low of $0.00001705. Additionally, the Open Interest for Shiba Inu decreased by 8.25% to $32.73 million, suggesting a comparable scenario to Dogecoin's.
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