Dogecoin Price Plummets 23% as Silicon Valley Bank Faces Collapse
The value of Dogecoin has dropped by 21% in the last seven days, with its decline caused in part by the collapse of crypto-friendly bank Silvergate, which has triggered market sell-offs. Data from crypto market tracker Coingecko shows that DOGE has lost 11% of its value in the last 24 hours alone. Similarly, Bitcoin has also seen a fall and was trading at $20,372 at the time of writing. The decline in DOGE has been attributed partially to the collapse of Silicon Valley Bank, which was brought on by a capital crisis precipitated by an interest rate hike leading to a bank run. Meanwhile, the SHIB burn rate has increased by 36,497.56%, perhaps due to the forthcoming release of the Shibarium Beta layer-2 blockchain. Despite DOGE’s decline, its 24-hour trading volume has returned to $681m, up 103%, suggesting a possibility of gains if conditions improve. However, market observers expect more pain for the crypto sector following the Silvergate crisis and the spread of fear, uncertainty, and doubt (FUD) about the banking sector. Analysts are waiting to see how the next developments in Silicon Valley Bank will impact Dogecoin’s price in the coming days.