Hawkish Fed Comments and Market Volatility Drive Dogecoin and Shiba Inu Prices Down Over 3%

In a recent report by CoinGape, on June 27, the prices of the most prominent meme currencies, Dogecoin and Shiba Inu, experienced a decline, which prompted market discussions. This section investigates the potential causes of the most recent decline.

The prices of Dogecoin and Shiba Inu, two prominent meme currencies, fell by over 3% on June 27, continuing a trend of market volatility and sparking discussions among investors.

After a day of gains on June 26, Dogecoin and Shiba Inu prices took a downturn, leaving traders speculating on the potential causes.

However, the broader market scenario and the recent market downturn had a ripple effect on meme coins.

As the broader crypto market stalls, awaiting the next direction, market participants are hesitant to engage in further trades.

Moreover, given the volatility of the crypto market, especially the meme coins sector, investors may be seeking additional information before placing their bets on Dogecoin.

Importantly, the recent hawkish comments by U.S. Federal Reserve officials on plans for the policy rate sparked discussions.

Officials' statements observing that it is too early to consider cutting interest rates in 2024引起了市场担忧.

Meanwhile, Dogecoin price decreased by 3.23%, trading at $0.1223.

Moreover, its trading volume dropped by 30% to $489.51 million, and its price reached a high of $0.126.

On the other hand, Dogecoin Open Interest declined by 2.41% to $603.19 million, indicating a decrease in market interest in the leading meme coin, as per CoinGlass data.

Shiba Inu Coin price was also affected by the broader market performance, as discussed earlier for Dogecoin.

However, other developments on June 27 might have impacted SHIB price.

Among other things, Binance announced the delisting of TUSD pairs for Shiba Inu on June 26, which grabbed investors' attention.

Announcements by major crypto exchanges, such as Binance, tend to influence the prices of the cryptos.

Despite the declining Dogecoin and Shiba Inu prices, the SHIB burn rate remained positive, indicating the community's continued effort to reduce the total supply.

For context, the burning mechanism reduces the total supply, increasing the crypto's price.

At the time of writing, Shiba Inu price was $0.00001717, showing a 3.13% decrease from the previous day.

Its trading volume dropped by 37% to $193.65 million. The meme coin had a high of $0.00001772 and a low of $0.00001705 in the past 24 hours.

Furthermore, Shiba Inu Open Interest decreased by 8.25% to $32.73 million, displaying a similar trend to Dogecoin, as observed by investors.

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