According to CryptoPotato, the cryptocurrency market has experienced a significant downturn, affecting leading coins and meme tokens like Dogecoin and Shiba Inu. The market capitalization has dropped below $2.6 billion, with Bitcoin, Ethereum, and other leading digital assets in the red. Over $500 million in liquidations have occurred, with the majority being long positions.
Dogecoin has seen a 12% drop on a 24-hour scale, while Shiba Inu has retraced by 9%. However, some metrics related to the largest meme coins by market cap have increased. Dogecoin's aggregated daily volume has neared the $5 billion mark, a 90% increase compared to April 1, and daily active addresses have risen by almost 40%. Shiba Inu's aggregated daily volume has exploded by over 300%.
Crypto analyst Rekt Capital predicted that Dogecoin could rally toward $0.30 due to a new macro trend, and Shiba Inu may reach a new all-time high if surpassing the major resistance level of $0.000033285. The successful execution of the burning program, which burned over 15.5 billion tokens last month, might help Shiba Inu return to green territory. Additionally, the advancement of Shibarium, a layer-2 scaling solution, has seen total transactions exceed 400 million and wallet addresses reach almost 1.4 million.