11/8/2022 | Analytics Insight
DOGECOIN (DOGE) AND SHIBA INU (SHIB) ARE STILL BLEEDING AND MIGHT SHED OFF MORE VALUE TODAY
The last 7 days have seen Dogecoin (DOGE) and Shiba Inu (SHIB) shed off some of the gains they made in late October and early November this year. These coins have been on a consistent downward trend, while their main competitors, Bitgert (BRISE) and Centcex (CENX), have been reaping from their falls.
According to the crypto analysts, some of the selling Dogecoin (DOGE) and Shiba Inu (SHIB) investors are buying Bitgert and Centcex, which are two coins still doing well in the market as of writing.
The plummeting of Dogecoin and Shiba Inu was expected to happen in mid-November because the hype that skyrocketed them was unsustainable. In fact, some crypto analysts predicted a sharp decline from their explosive price growth. Note that Dogecoin (DOGE) increased by +100% in less than a week.
With the Twitter company still mute about the expected integration of either Dogecoin (DOGE) or Shiba Inu (SHIB) as digital Payment alternatives, the recent price surge is bound to experience a plunge going forward.
Why DOGE and SHIB Are Still Bleeding Today
The biggest factor causing Dogecoin and Shiba Inu to bleed today is the dying hype. The thought that Twitter might integrate these two coins is what exploded these coins after Elon Musk sealed the deal. However, this has not happened, and investors are becoming impatient, and the selling pressure is bleeding these coins.
There are also many investors that saw an opportunity to make good profits in short-term trading. After the hype hit the climax, they have been selling their holdings to take profits. That’s why these coins are shedding off today.
The competition from Bitgert (BRISE) and Centcex (CENX), their toughest rivals, is also triggering the shedding. There are many DOGE and SHIB holders selling to buy Bitgert and Centcex because of their +300% price prediction this month.
With these factors still remaining constant, Dogecoin (DOGE) and Shiba Inu (SHIB) are expected to shed more value today. As of writing, DOGE was 15% down for the past 24 hours, while SHIB had slid 11% during the same time.
Although Bitgert (BRISE) and Centcex (CENX) will be factors affecting Dogecoin (DOGE) and Shiba Inu (SHIB) price performance this week, the fast-dying hope of these coins being integrated with Twitter is what will greatly plunge their prices.