The Dogecoin and Shiba Inu price have witnessed notable price crashes within the last 24 hours. This development looks to be based on a wave of profit-taking that has followed the recent crypto market rally. 

Dogecoin And Shiba Inu Price Suffer Significant Crash

The Dogecoin and Shiba Inu price are down within the last 24 hours following their recent rally alongside the broader by which they recorded notable gains. Some crypto investors are believed to be taking profits, which has brought the value correction for these foremost meme coins. Notably, the Dogecoin and Shiba Inu price have a correlation with the Bitcoin price and look to be mirroring the flagship crypto. 

The Bitcoin price has also experienced a pullback after coming near its all-time high (ATH) on October 29. BTC rose to as high as $73,000, its highest point in 4 months. This led to a wave of profit-taking, with firms like Reddit revealing that they’ve significantly reduced their crypto exposure. 

Bhutan was also amongst those taking profit, depositing 1,000 BTC into Binance, indicating their intention to unload these crypto holdings. This wave of profit-taking was to be expected, considering that 99.7% of those holders were in profit following the recent rally. 

Similarly, the Dogecoin and Shiba Inu price rallies also put most of their holders in profit, resulting in a wave of profit-taking and, ultimately, their price declines, considering the quantity of selling pressure. For example, on-chain data shows that a whale transferred 1.74 billion DOGE ($295.8 million) to the Robinhood exchange because it looked to secure profits. 

Meanwhile, IntoTheBlock data shows that Shiba Inu’s large transactions show that this metric is currently bearish for the meme coin. This means that whales are likely selling as additionally they look to secure some profits from the recent market rally. 

These Meme Coins Are Likely To Bounce Back

The Dogecoin and Shiba Inu price are prone to bounce back despite the recent price correction, as they’re currently in bullish territory. Given their correlation with the Bitcoin price, they’ll likely move to the upside because the flagship crypto attempts to interrupt its current ATH again.  

Bitcoin is having fun with massive demand, which can likely overwhelm the sell side soon enough. This demand mainly comes from the Spot Bitcoin ETFs. Farside data shows these ETFs recorded $893.3 million in net inflows on October 30. In addition they breached the 1 million mark in the method and now hold over 1 million BTC. 

This development is important for the Dogecoin and Shiba Inu price, as these meme coins will likely also enjoy more demand because the demand for the flagship crypto increases. Some investors will look to speculate in these meme coins since they at all times outperform BTC every time the market is in an uptrend. 

Featured image created with Dall.E, chart from Tradingview.com