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Why Dogecoin, Shib coin have dropped recently

Are cryptocurrencies dropping recently? Why are they falling?

SHARE Why Dogecoin, Shib coin have dropped recently
Pictures of dog bowl, which mimics baby doge.

A bowl of coins representing Dogecoin.

Illustration by Alex Cochran, Deseret News

Several cryptocurrencies have been dropping in value and price recently, and it all appears to be for the same reason.

The Wall Street Journal reports that investors in Ethereum and Dogecoin have been selling off their cryptocurrency coins in recent days because of “concerns about heightened government intervention adding to recent pressure on cryptocurrencies.”

  • For example, Bitcoin traders have been “falling out of love once again,” with cryptocurrency,  AvaTrade analyst Naeem Aslam told The Wall Street Journal.

The recent skid for cryptocurrencies comes after a rather big spike in April. But the drop has come as investors have pulled their holdings. Dallas Mavericks owner Mark Cuban took to Twitter to explain that “new money” would help cryptos — like Dogecoin — grow again.

Jenny Ta, founder and CEO of CoinLinked.com, told Benzinga that she sees Dogecoin possibly reaching the $1 mark in the near future despite the recent dip.

Shib coin, meanwhile, has been surviving the recent dip because it hasn’t gained as much social media attention as it would normally get, according to FX Street.

David Hsiao, CEO of crypto magazine Block Journal, told The Inverse that Shib coin only sees success when the community at large celebrates the cryptocurrency.