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Dogecoin, Shiba Inu Underperform Broader Crypto Market Despite Fundamental Growth

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An acquisition paid in DOGE and metaverse land available for SHIB failed to spur the tokens' prices as much as the wider crypto market. Analysts explain why. By shauryamalwa

Bill Lee, a tech investor and founder of dogecoin wallet MyDoge, purchased non-fungible tokens offered by the Aliens exclusively for DOGE, giving him a controlling stake in the team. MyDoge branding will feature on Aliens team jerseys, events and BIG3 broadcasts as part of the purchase.

Still, the changes failed to move prices of the two tokens even as total market cap added 5%. At the time of writing, SHIB is changing hands at $0.00002148, a 3.55% rise over the past 24 hours, and DOGE rose 3.28% to $0.1344 – displaying sluggish growth for tokens that are otherwise known to be extremely volatile.Some analysts said price changes in the tokens are partly attributable to tweets by Tesla CEO Elon Musk, a factor that investors have increasingly become wary about.

 

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