Cryptocurrencies are experiencing a roller coaster effect. On Monday, Bitcoin’s price surged to $70,000 but dropped to $67,000 within minutes. This decline deepened, causing the price to fall below $63,000. Currently, BTC has recovered to $65,000. However, this drop in Bitcoin also dragged many altcoins down. Let’s take a look at what happened with Dogecoin, Shiba Inu, and LUNA, which were affected by this price change.
What is DOGE’s Current Price?
Things are not going well for DOGE, the undisputed leader of meme coins in the cryptocurrency market. DOGE’s price seems to be affected by the volatile price movements in BTC. Elon Musk‘s recent open support for the project has not alleviated investors’ concerns.
As of the time of writing, DOGE is trading at $0.11858 after a 2.87% drop in the last 24 hours. This price change indicates a 5.35% drop over the past 7 days.
DOGE’s market cap had surpassed $19 billion in recent weeks but has since fallen to $17.2 billion. Despite this, trading volume increased by 35%, reaching $823 million, which could indicate strong buying pressure in the market.
What is Happening with Shiba Inu?
Following DOGE, SHIB, the second-largest meme coin by market cap, also saw a price drop. SHIB’s price fell by only 1.74% in the last 24 hours, reaching $0.00001565. The limited decline in SHIB’s price has pleased its investors.
However, SHIB’s distance from its March high of $0.42 continues to worry investors. The dream of SHIB reaching $0.01 persists among its investors, who believe that burns could make this possible. Despite the burns, more than 50% of SHIB’s supply remains in circulation, making this goal seem distant for now.
Therefore, investors may need to remain patient for a long time, considering that a significant portion of the supply would need to be removed under current market conditions.
LUNA’s Current Status
Lastly, looking at Terra’s LUNA, the price drop is evident. Terra (LUNA) fell to $0.3672 after a 4.47% drop in the last 24 hours.
LUNA’s market cap also declined similarly, reaching $297 million. Additionally, trading volume increased by 55%, reaching $33.4 million. Despite all this, LUNA is still far from its former glory. LUNA’s all-time high was approximately $19.54 about two years ago.
