The Dogecoin and Shiba Inu prices are down today after a brief rebound yesterday. Crypto pundit Nobler has suggested that these price declines are due to price manipulation rather than a wave of sell-offs among investors.
Why The Dogecoin and Shiba Inu Prices Are Down
CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are on the decline today, following significant gains yesterday. In an X post, Nobler stated that Binance, Wintermute, and BlackRock were all selling Bitcoin ahead of the Federal Reserve’s announcement. This explains the DOGE and SHIB decline given the meme coins’ correlation with the flagship crypto.
Nobler alleged that these firms have sold over $1.5 billion in Bitcoin and continue to sell more. The pundit added that there was too much market manipulation. Bitcoin is currently struggling to hold above the $100,000 level, which has sparked a bearish sentiment towards the Dogecoin and Shiba Inu prices.
The Dogecoin price is currently trading way below the psychological $0.2 level, while the Shiba Inu price continues to underperform, down over 53% since the start of the year. The foremost meme coins are also at risk of a further decline, with speculations that the crypto market might already be in a bear market.
Market maker Wintermute recently claimed that liquidity has stopped flowing into the crypto market, which is why the bull market has halted while the Dogecoin and Shiba Inu prices decline. The market maker further noted that momentum in stablecoins, ETFs, and digital asset treasuries (DATs) has slowed, highlighting a liquidity drain in the market.
Notably, companies such as CleanCore and Bit Origin had accumulated DOGE earlier in the year but have since slowed their purchase of the foremost meme coin. Meanwhile, Santiment data also showed that there has been a drop in DOGE and SHIB whale transactions, which also explained the decline in the Dogecoin and Shiba Inu prices.
Macro Target For DOGE Still Remains $1
Despite the recent decline in the Dogecoin price, crypto analyst XForce stated that the macro target for DOGE remains between $1 and $2, which would mark new all-time highs (ATHs) for the foremost meme coin. He noted that DOGE has arguably been one of the best idealized Elliot wave 5-wave structures on the macro up to the wave 4 termination point.
Furthermore, XForce remarked that the only bullish option left will be observed as an Expanding Ending Diagonal, as impulsive options are now off the table. Meanwhile, crypto pundit SHIB Booster stated that the Shiba Inu price could rally soon as tokens from last bull season are now recording significant gains. The pundit added that a small wave of momentum could send the SHIB price back toward the mid-range, around $0.00001603.
Featured image from Getty Images, chart from Tradingview.com
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