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Why are meme coins crashing?

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Shiba,Cryptocurrencies,Technical Analysis

The crypto market volatility has undeniably dropped in the past week and can be attributed to the sideways movement of Bitcoin (BTC) price.

Meme coins like Shiba Inu, Dogwifhat and Floki are all down nearly double digits. The social volume of these dog-themed crypto coins has plummeted even more in the past 24 hours. Bitcoin’s lack of influence seems to play an important role in this slow decay of the crypto market. The crypto market volatility has undeniably dropped in the past week and can be attributed to the sideways movement of Bitcoin price. But despite this downturn, meme coins never failed to surprise investors.

With the market outlook starting to look bleak, it is likely that investors pull out of risk bets and either rotate their capital into stablecoins or less risky bets. Apart from Bitcoin’s lack of volatility, this could be another reason for meme coins fumbling.

Source: News Formal (newsformal.com)

Shiba Cryptocurrencies Technical Analysis

 

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