Shiba Inu and Dogecoin, Prices 'Plunge' Amid Expectations...20,000 Burns and X Payment News Also Useless

▲ Dogecoin (DOGE), Shiba Inu (SHIB)

Despite Shiba Inu (SHIB) and Dogecoin (DOGE) each encountering major positive news, they have failed to escape a downward price trend, increasing market skepticism.

According to cryptocurrency media outlet Bitcoinist, Shiba Inu has surpassed 20,000 cumulative burn transactions based on data from the burn tracking platform Shibburn. This reflects the community's strong will to increase scarcity by reducing circulating supply. However, despite these positive indicators, the price showed a short-term downward trend, creating a disconnect from expectations.

Dogecoin's situation is similar. The potential introduction of X (formerly Twitter)'s payment service 'X Money' was highlighted and seen as major positive news, but the price did not lead to an increase and remained in a limited range. Market analysis suggests that uncertainties surrounding actual adoption and the regulatory environment are suppressing investor sentiment.

Macroeconomic uncertainties and profit-taking sell-offs are cited as reasons for the price weakness. Bitcoin (BTC) faltering at key support levels also contributed to a general decline in market investor sentiment. The fact that existing holdings remain in the market, creating downward pressure despite funds exiting exchanges, is also identified as a burden.

Experts believe that positive factors remain valid in the long term. The expansion of Shiba Inu's Shibarium ecosystem and the potential integration of Dogecoin into payment systems are assessed as potentially leading to actual demand creation in the future. In particular, the sustained burning activity and community participation are interpreted as indicators of network activity.

However, in the short term, the disconnect between positive news and price is likely to persist. The market is expected to determine its direction based on Bitcoin's trend and the macroeconomic environment.

Investors need to approach the market focusing on actual adoption and fund flows rather than mere expectations. The timing when positive news translates into price will be a key variable determining the next upward phase of the memecoin market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*