Dogecoin and Shiba Inu Prices Drop Amid Whale Sell-Offs and Weak Liquidity

The cryptocurrency market is experiencing significant volatility, with meme tokens Dogecoin and Shiba Inu facing substantial declines. Key factors include:

Dogecoin's price dropped by 17% in the past week due to large-scale sell-offs from whale wallets holding 10-100 million DOGE.
These sell-offs led to a cascade effect, pushing Dogecoin below a crucial support level of $0.18 and triggering further liquidations.
Dogecoin's market cap decreased from nearly $30 billion to about $24.7 billion.
Shiba Inu fell by 12%, hitting its lowest price since January 2024 at $0.0000089.
Shiba Inu faces challenges like weak liquidity, low trading volume, and reduced network activity, reflected in technical indicators showing a prolonged downtrend.

The future recovery of Dogecoin and Shiba Inu largely depends on improved market sentiment and retail engagement, which remain uncertain. Currently, Dogecoin trades at $0.164, while Shiba Inu is at $0.00000897.