Dogecoin and Shiba Inu Bleed at Pre-FOMC Crypto Snoozfest

  • Crypto market activity is typical of earlier instances where investors await a Federal Reserve rate hike decision.
  • Investors are drawing capital from the risk-averse, volatile crypto asset, Meme Coins, ahead of Wednesday’s expected 75 bps rise.
  • Analysts believe that Dogecoin is working to break out of its multi-year downtrend.

Dogecoin and Shiba Inu prices Bitcoin, Ethereum and other cryptocurrencies fell in the top 30 ahead of the FOMC meeting. However, analysts expect Dogecoin to break out of its multi-year trendline.

Read also: Dogecoin copycat gets 99% rubbish pulled plummet overnight

Dogecoin and Shiba Inu prices drop ahead of upcoming rate hike

The Federal Open Market Committee meets eight times a year to discuss changes in monetary policy and reviews economic and financial conditions to assess the stability of prices in the economy. The FOMC is meeting on Wednesday for an estimated 75 bps rate hike. Before the event investors were risk averse and withdrew capital from cryptocurrencies; Hence, the assets in the top 30 saw a steep decline.

Dogecoin and Shiba Inu prices fell, and Mem Coins failed to make up for losses two weeks ago. Investors are sitting on hand as experts have predicted a rise of 75 bps on Wednesday. The current situation in the crypto markets is considered typical ahead of the FOMC meeting.

Market participants have forecast a third major increase in September 2022. Monetary policy is accelerating faster than thought, and growth is slowing. This environment has resulted in an outflow of capital from the Mem Coins and DeFi ecosystem.

Read |  Robinhood, Coinbase & Gemini: The Crypto Winter Has Cost More Than 3,700 Jobs – Here's Who's Bite

Dogecoin sees renewed interest from whales

Whale activity on the Dogecoin network has increased significantly following the rise in dominance of the meme coin. Based on data from crypto intelligence firm Santiment, Dogecoin and Shiba Inu are among the popular cryptocurrencies in the whale portfolio.

Crypto investors who have spent over $100,000 per transaction are depositing DOGE, and there are 100+ large transactions daily on the Dogecoin network.

Ethereum Whale Holds 493.65 Billion Shiba Inu Tokens

The Shiba Inu has one of the largest non-Ethereum holdings of the top 100 Ethereum whales. Based on data from WhaleStats, the whale has a total of 493.65 billion shiba inu, worth $5.4 million.

Top 10 Holdings of the 100 Biggest Ethereum Whales

Top 10 Holdings of the 100 Biggest Ethereum Whales

Analysts Are Optimistic on Dogecoin and Shiba Inu’s Recovery

FXStreet analysts believe that Dogecoin is ready to break out of its multi-year trendline. Dogecoin has seen a sharp decline in price since May 2021, but now the asset is set to recover. Barring a few jumps in its price chart, Dogecoin has been in a steady decline in price, losing 91.6% of its value year on year. For more information on target prices and more on Dogecoin charts, watch the video below:

Source link