Dogecoin and Shiba Inu, Not What Before
Currently, all the attention of the cryptocurrency market is drawn to the trends in the exchange rate of Bitcoin and Ethereum.
Until recently, some altcoins, such as Doge, also performed well, with large increases in value. In recent days, the price of altcoins has shown a reverse trend, a fall in the rate, which prompts investors to think about alternatives.
Dogecoin and Shiba Inu
The popularity and dynamics of these meme altcoins always depends on the pump coming from their community of fans, public figures that form public consciousness and nothing else. For the last week and a half, meme coins have shown a drop in demand and exchange rate. DOGE and SHIB lost about 20% - 22%, bringing significant losses to investors.
Also recently, there has been a significant decrease in profitable addresses, which also negatively affects the altcoin market. Despite the fact that SHIB showed a mysterious growth of about 50%, after an immediate correction, about 60% of addresses were liquidated. DOGE, too, did not stand aside, losing 300,000 profitable addresses.
Dogecoin and Shiba Inu pricing is very difficult to articulate. Thanks to the positive sentiment and strong community support, people continue to invest in these coins. True panic among Doge holders reduced investor interest. Leading to an imbalance in the buy / sell ratio, significantly increasing the number of people willing to sell. So, positions for the sale of Dogecoin reached 70 million tokens, which is approximately equal to $ 17.5 million.
Unlike Doge, Shiba Inu has a very different stat. The demand for the coin outweighs the desire to sell. Perhaps this bullish investor sentiment was driven by the recent announcement by OpenSea, the largest NFT platform. OpenSea said it has begun accepting SHIB as one of its effective payment methods.
As a reminder, the Pump-and-Dump system works especially well for altcoins. Thanks to the suggestibility of inexperienced market players, the price of altcoin is greatly inflated by recommendations based on false, misleading or grossly exaggerated claims. A good example of this is Elon Musk, the main pumpman of Dogecoin.
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