Dogecoin, Solana, and Shiba Inu Coins Turn Green as Bitcoin Drops Below US$28,000

Bitcoin drops below US$27,000 and maintains a neutral sentiment score

The US Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and its creator Changpeng Zhao, alleging that Binance traded unregistered cryptocurrency futures in the US, sending the price of bitcoin and other popular crypto tokens substantially lower than it was last week. Additionally, the concerns over the banking crisis have subsided, which has lowered interest in crypto assets. However, the decentralization story keeps going in all the markets. On the other hand, liquidity worries are still prevalent in the markets for hazardous assets. In the past week, Bitcoin, the most crucial crypto asset, had some big profit-taking as it dropped below $27,000 and declined by more than 3%. Amid this Bitcoin drop, Dogecoin, Solana, and Shiba Inu turned green.

However, as of writing the value of Bitcoin is US $27,919.06. The value of Dogecoin is US $0.09721, with an increase in value of 24.69% in a day. The value of Solana is US $20.53, with an increase of 1.53% in a day. The value of Shiba Inu is US $0.00001133, with an increase of 5.79% in a day.

At US $20.43, the Solana price prediction has changed from bearish too optimistic after rising by almost 0.03% in the previous 24 hrs and roughly 2.07% in the previous seven days. The rising demand for decentralized finance (DeFi) initiatives and the rising recognition of the Solana blockchain network are to blame for the spike in the price of Solana.

According to sources, Dogecoin had a 20% increase on Monday in less than an hour, reaching its highest price in almost a month. Since then, the price has risen even more, now at $0.095. Twitter sent a poop emoji in response to Decrypt's question on its decision to include the mascot. Elon Musk seemed aware of the commotion surrounding the modification when he tweeted the image below shortly after it was made.

Shiba Inu, which has attracted much attention recently, has risen to position 14 in the market cap rankings. Market analysts believe it is in an excellent growth position, despite the price's recent significant fluctuations. Shibarium, the network's new Layer-2, has been operational for a few days, and this has caused a flurry of activity among the Shiba Inu community. Users may learn how Shibarium operates, particularly concerning the proof-of-stake (PoS) consensus mechanism and the Shibarium Bridge, which is now operational in its beta version. The new functionality of Shiba Inu is a Layer-2 chain built on top of the Ethereum network, making use of its security and decentralization while providing speedier. 

The SHIB meme coin has been actively pushed for listing on major exchanges by the Shiba Inu community, and their efforts have now yielded results. SHIB will be listed on BitFlyer, one of the biggest exchanges in Japan with 2.5 million members, according to the company. Since BitFlyer is one of the most reputable and trusted exchanges in the Japanese industry, this is a massive milestone for the SHIB community.

Since its establishment in 2014, BitFlyer has grown to be a significant player in the cryptocurrency market. The exchange's user-friendly interface and strong security procedures are well-known for them. Its choice to list SHIB is evidence of the meme coin's rising fame, which has attracted a sizable following in recent months.

The Sentiment Score for Bitcoin for the previous five days is Neutral. The Sentiment Score evaluates Bitcoin's performance over the last five days regarding volume and price changes. The Sentiment Score offers an instant overview of the cryptocurrency's summary of the cryptocurrency's most recent performance. This can be helpful for both long-term investors wanting to purchase the drop and short-term investors looking to ride a rally.