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Here’s Why Dogecoin, Shiba Inu, And PEPE All Crashed
Dogecoin (DOGE) has been making headlines recently due to its dramatic price fluctuations. Just a few days ago, crypto analyst Ali Martinez warned that DOGE was at a make-or-break level, stating that if it holds $0.16, it could rally to $0.57. However, if the coin drops below this level, a massive crash to $0.06 becomes increasingly likely.
Unfortunately, the market has not been kind to DOGE and other meme coins like Shiba Inu (SHIB) and PEPE. As of now, all three coins have crashed, leaving investors wondering what could be causing this sudden downturn.
One reason for the crash is the correlation between these meme coins. Martinez mentioned that if DOGE drops below $0.16, SHIB and PEPE are likely to follow suit. This strong positive correlation means that when one of these coins experiences a significant drop in price, it can create a ripple effect that drags the other two down with it.
Another factor could be the broader market conditions. Despite Bitcoin’s (BTC) recent resurgence, the overall cryptocurrency market is still reeling from the effects of the 2022 bear market. The lack of clear direction and stability has led to increased volatility and uncertainty, causing even strong-performing coins like DOGE to experience a correction.
As the crypto community continues to navigate these uncertain times, it’s essential for investors to remain vigilant and adapt their strategies accordingly.
Source: https://bitcoinist.com/dogecoin-shib-and-pepe/
