Why Dogecoin (DOGE) and Shiba Inu (SHIB) could Collapse Next?

Why did the crypto market crash in the last few weeks? Is Dogecoin and shiba Inu next?

After a turbulent few weeks in the crypto market, let's look at two cryptos, DOGE and SHIB, that seem to be headed for collapse, and one new crypto token, Chronoly.io, that has enjoyed a huge presale success so far in what seems to be a bear market.

Why did the crypto market crash in the last few Weeks?

The global crypto market capitalization has shrunk to $1.54 trillion over the last few weeks, with almost all top 10 crypto prices decreasing steadily.

According to experts, panic over inflation and fear of a potential recession are the leading causes behind the ongoing crypto market crash.

Darshan Bathija, CEO and Co-Founder of Vauld, says, "The crypto markets have been moving in lock-step with the equities market, and what we're seeing right now is investors treating BTC as a risk-on asset. In light of fears of rising inflation, most investors have taken a risk-off approach – selling stocks and cryptos alike in order to cut down risk."

The fear and greed Index for crypto (gauging market sentiment) indicates "extreme fear."

A sharp fall in market sentiment drove Bitcoin to register levels around $28,000, while ETH also dropped to $1,827. Popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also experienced steep dips in prices, indicating a potential collapse in the near future.

The concerning dip in DOGE and SHIB's Performance

Last week, on 12th May 2022, Dogecoin's DOGE token was trading at a surprisingly low price of $0.072, while SHIB's $0.000009 price point gave investors quite a fright.

DOGE Chart – Source: CoinMarketCap

SHIB Chart – Source: CoinMarketCap

The crypto market hit troubled waters following Russia's regulatory crackdown, China's crypto ban, and the rising interest rates in America. While the consequent fear and panic affected all cryptocurrencies, meme coins like DOGE and SHIB have been impacted more severely. This deep plunge in the memecoins' performance might be because both DOGE and SHIB aren't backed by any cash flow or real assets, and their performance is solely dependent on market conditions.

Considering the flurry of pivotal events around the world, the crypto market is likely to continue experiencing downsides. Consequently, memecoins like DOGE and SHIB might also be headed for collapse.

Investors now seek more stable crypto projects like Chronoly

The volatile state of the crypto market and the consequent underperformance of projects like Dogecoin and Shiba Inu have caused investors to lean towards investments in more stable crypto projects like the Chronoly token.

Chronoly is the first-of-its-kind fractional watch investment marketplace built on the Ethereum blockchain. Chronoly users can spend as little as $10 to buy, sell, and invest in collectible luxury watches from Rolex, Patek Phillippe, Richard Mille, Audemars Piguet, and other multinational brands.

CRNO, the native token of Chronoly, is backed by certified genuine luxury watches, which are real-world assets with a wide collector base and inherently increasing value. Therefore, it is more attractive to investors looking to make value-based investments in the crypto space that will fetch assured returns.

Presently in the first phase of its presale, the CRNO token is available at an affordable price of $0.01, and many investors have already started planning out their Chronoly watch-trading moves.

Presale: https://presale.chronoly.io/register

Website: https://chronoly.io/

Telegram: https://t.me/Chronolyio

Twitter: https://twitter.com/Chronolyio