The crypto market is getting wrecked, with Bitcoin dropping below $70,000. And meme coins like Dogecoin and Shiba Inu aren’t immune.
Big Drop for Meme Coins
Both Dogecoin and Shiba Inu have lost over 5% in the last 24 hours. Why? Because the crypto market follows Bitcoin’s lead. When Bitcoin goes down, everything else goes with it.
Meme coins like Dogecoin and Shiba Inu are known for being extra volatile. So, even though Bitcoin’s only down a couple percent, these coins are getting hit hard.
Bitcoin’s Impact
The main reason for Bitcoin’s drop is inflation data. The US economy is heating up, and investors are worried that the Federal Reserve will raise interest rates to cool it down. This makes risky investments like Bitcoin less appealing.
Another possible factor is the upcoming Bitcoin halving event. Historically, Bitcoin’s price has dropped before these events. But this time, things are different. Bitcoin hit a new all-time high before the halving, which could mean the old trend won’t hold.
