SHIB and DOGE Face Significant Losses Amid Market Turmoil

Market Instability Affects Meme Coins

The cryptocurrency market has been turbulent following the announcement of Silvergate Capital's shutdown, impacting various digital currencies, including meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Both cryptocurrencies have witnessed substantial double-digit losses over the past week.

Dogecoin's Decline and Trading Volume Surge

Dogecoin is currently valued at $0.06524, after experiencing an 8.83% decline in the last 24 hours and over a 14% drop throughout the week. The 24-hour trading volume for DOGE surged by more than 70%, indicating a sell-off by holders. Additionally, there has been a 60% increase in whale transactions, suggesting large holders are preparing to offload their tokens.

Shiba Inu's Challenges and Whale Activity

Similarly, Shiba Inu is trading at approximately $0.00001001, following an 8.49% decrease in its price over the past day. SHIB's supply on exchanges has been rising steadily throughout the week, reflecting a potential sell-off. Notably, the number of whale transactions for SHIB has doubled, hinting at a possible large-scale sale by major holders.

Positive Outlook for SHIB's Burn Rate

Despite the market challenges, there is a silver lining for SHIB enthusiasts. The meme coin's burn rate has increased by over 3,000%, fueled by anticipation surrounding the upcoming Shibarium Beta launch. This development offers a glimmer of hope amidst the prevailing market instability.

In summary, both DOGE and SHIB are grappling with significant losses due to increased market volatility and trading activities. However, the rising burn rate for SHIB provides a positive note for its supporters as the crypto market navigates these uncertain times.