Dogecoin (DOGE) and Shiba Inu (SHIB) Continue to Follow Bitcoin's Downtrend

Dogecoin (DOGE) and Shiba Inu (SHIB) are currently experiencing a downtrend, highlighting the bearish sentiment towards these meme coins.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) meme coins continued to experience a downtrend on Friday as both coins slipped amid broader bearish sentiment towards cryptocurrencies.

What Happened: Dogecoin price dropped 1.35% over 24 hours to trade at $0.24 by 11:05 a.m. ET Friday. The apex meme coin dropped as low as $0.23 during the session.

Shiba Inu price declined 2.03% over 24 hours to trade at $0.000031 by 11:05 a.m. ET. SHIB dropped as low as $0.000029 during the session.

Both Dogecoin and Shiba Inu showed strong positive price correlation with Bitcoin (CRYPTO: BTC), as per data from market intelligence platform IntoTheBlock.

Dogecoin had a price correlation of 0.9, while Shiba Inu had a price correlation of 0.84 with Bitcoin.

Several factors contributed to the price declines in meme coins, including macroeconomic factors and developments in the broader crypto market.

Bitcoin price crashed this week as the apex coin failed to gain any momentum and slipped further due to macroeconomic factors, including the Federal Reserve interest rate hike and the U.S. Stock market crashes.

Related Link: Elon Musk Says He's 'Half Dogecoin,' Adds Meme Coin To Twitter Bio After Completing X Deal

The flagship cryptocurrency dropped to as low as $50,223 on Friday morning. Bitcoin price failed to trade above the $56,000 level last week, which triggered a sell-off in crypto markets.

Both Dogecoin and Shiba Inu prices declined in September over the years, with the exception of 2021, when both meme coins enjoyed gains in the month.

Now Read: Dogecoin, Shiba Inu Investors Lose Confidence Amid Price Drops, Lack Of Volume

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