There are experts who believe that Dogecoin and Shiba Inu’s recent price spike indicates a major crash in the future.
Previously, the deadly Covid pandemic and then the Russian-Ukraine war have had adverse negative effects on the market.
Crypto investors are under the perception that the current market sell-off will also have certain impacts on the crypto market.
Besides this, the two cryptos have managed to wake up from their slumber spell with various initiatives forwarded by the developers.
Shiba Inu is preparing to launch the Shibarium layer-2 solution to attract more investors. But the launch has been delayed, which is again making investors quite anxious about its relevance.
Also, the developers introduced the concept of Shibburn, in order to enhance the coin’s demand by reducing its market supply.
These initiatives are estimated to accelerate the rise in cryptocurrency prices in 2022.
Coming to Dogecoin’s recent market movements, the crypto’s popularity was heightened excessively by Elon Musk’s influence.
Besides SHIB, Dogecoin is facing stiff competition from other dog-based cryptocurrencies like Floki Inu and others.
The crypto recorded a rise of more than 12,000% in 2021. But by 2022, DOGE fell from its grace and suffered a loss of more than 80% from its all-time highs.
But recently, after Musk’s recent Twitter acquisition, Dogecoin’s market value has soared again, giving positive hopes to DOGE investors.