The Dogecoin and Shiba Inu price have witnessed notable price crashes in the last 24 hours due to profit-taking following the recent crypto market rally.
The price correction for these meme coins is believed to be driven by investors taking profits, mirroring the Bitcoin price.
The recent rally put most holders of Dogecoin and Shiba Inu in profit, leading to a wave of profit-taking and price declines.
However, these meme coins are likely to bounce back as they are currently in bullish territory and will benefit from the increasing demand for Bitcoin.