Market Prepares for FTX-Inspired Scenario as Dogecoin and Shiba Inu Experience Losses
Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) experienced double-digit losses in the last seven days, likely due to FUD triggered by the collapse of Silvergate, a crypto-friendly bank. The market cap of top meme tokens fell by 9% in the 24-hour period, and trading volume surged 23.86%, indicating an intense sell-off. Both coins registered double-digit losses for the week and were among the worst-performing cryptocurrencies. Whale transactions increased significantly for both SHIB and DOGE, implying a sell-off, and the number of short positions increased for both coins as well. However, the burn rate for SHIB skyrocketed by 36497.56% in the last 24 hours, which could be attributed to the upcoming launch of the Shibarium Beta layer-2 blockchain. It’s important to let the market settle down before making any investment decisions regarding DOGE or SHIB.