Shiba Inu (SHIB) experienced a drop on Friday, May 13th, 2022, as a reaction to the news of Elon Musk announcing his replacement as CEO of Twitter. The meme coin dropped to $0.000008549 from its peak of $0.000008746, coming close to Monday’s low of $0.00000835. Even though the Relative Strength Index (RSI) was in oversold territory, where it has remained for a while, this steep decline has resulted in Shiba Inu reaching one of its lowest points ever since January. Shiba Inu enthusiasts are anxiously awaiting a price reversal as a result of the RSI reading.
Dogecoin (DOGE) also joined Shiba Inu in seeing a drop, nearing a multi-month low after the meme coin dropped to $0.06957 from its Thursday peak of $0.07268. Unlike Shiba Inu, Dogecoin recovered to $0.07127. There is hope for a stronger rebound this week if traders continue to purchase the dip. However, it remains unclear whether this bottom for Dogecoin will be its last for the time being.
Speculations are on the rise as to whether DOGE will climb towards $0.08000 next week. Readers can register their email for weekly updates on the price analysis of cryptocurrencies. Eliman Dambell, a commentator on different asset classes including crypto, states that he was a former director of a London-based brokerage and currently a startup founder.
The drop in the value of these meme coins adds to the intense rollercoaster ride that the cryptocurrency market can be. The volatility of cryptocurrencies is one of the reasons why some investors are wary of investing in it. At the same time, cryptocurrency enthusiasts are drawn to it because of the potential to earn quick profits. It remains to be seen whether the current dip is just a minor disturbance or if it is a precursor to a significant market correction.
