Cryptocurrencies crashed as the threat of Russia invading Ukraine escalated amid border skirmishes. Resulting in the crypto investor community offloading their risky digital assets to protect portfolios against further price drops. On Friday, US President Joe Biden said that Russian President Vladimir Putin had decided to invade Ukraine and that a military strike could happen in days. On Saturday and Sunday, there were reports of shelling and multiple explosions in Donetsk, eastern Ukraine, further driving fear into the cryptocurrency markets. Bitcoin was trading on Coinbase at $38,265, down 4% in the previous 24 hours and 9.6% lower over the last seven days.
Whereas Shiba Inu and Dogecoin have also experienced huge losses. Other altcoins also bled as investor sentiment worsened due to war clouds hanging over Europe. Ethereum was down 3.6%, Binance Coin fell 4.2%, Avalanche dropped 4.25%, Terra fell 3.31%, and Cardano was down 3.85%. The metaverse tokens, Decentraland, and The SandBox fell 5.7% and 5.3%, respectively. We will talk about Russian and Ukrainian unrest and what happened to Shiba Inu coins today.
Let’s see what Shiba Inu is doing on February 24th.
Dogecoin attempted to rise above the 20-day EMA 14 cents on February 19th. Still, the bears are defending this resistance both moving averages are sloping down and the RSI's in the negative zone, indicating that bears have the upper hand the more extended price sustains below the moving averages. The greater the likelihood of a drop to the strong support at 12 cents, the bulls are expected to defend this level aggressively because a break below could decline the psychological support at 10 cents. This negative view will invalidate in the short term. If the price turns up and rises above the 50-day SMA 15 cents, that could push the doge USDT pair to 17 cents. Let's get back to the subject.
Virtual coins made famous by online hype, including Dogecoin and Shiba Inu, saw the most significant loss in the week on Friday. The kings of the cryptocurrency world, Bitcoin and Ethereum, slid below critical support thresholds. Dogecoin went down about 24% in the most recent seven-day period falling more than 12 percent on Friday alone to a low of 0.148.
According to data from Coin Gecko, the meme coin is now down almost 80 percent from its all-time high recorded nine months ago, ahead of a prominent supporter and Tesla chief executive Elon Musk's appearance on Saturday night live. Other doge coins inspired by the Shiba Inu dog breed, including Shiba Inu and Dogelon, saw a fall of about 18% in the last week. However, Doge went up and secured fifth in value over the same period.
Popular Altcoins such as; Solana, Tara’s, Luna, Cardano, and Polkadot suffered similar hits, with some tokens falling as much as 15 percent in the past 24 hours. Mike McGlone, the commodity analyst for Bloomberg Bloomberg intelligence, said the price pumping of meme coins such as Dogecoin and Shiba Inu last year made it more likely that speculators would continue dumping in 2022.
The dog coins were a great example of the speculative excesses in the space, and the sooner the market is cleansed of the silliness, the more likely the three coins Bitcoin, Ethereum, and the proliferation of crypto dollars will resume transmogrifying the global financial system. He said in an email.
Meme stocks also felt the pain of cryptos WHIPSAW on Friday, Gamestop corp. Fell 2.6 percent, while the selective Roundhill meme stock index, which tracks equities such as AMC
entertainment holdings inc Blackberry ltd and Peloton interactive inc, declined 2.58 percent.Crypto-related stocks were down across the board mining companies riot blockchain inc and Marathon digital holdings inc traded 6.6 and 6 percent lower, respectively, on Friday. While primary Bitcoin holder Microstrategy inc shed 9.4 percent. Core scientific inc North America's largest Bitcoin miner, which debuted its shares a day earlier after a merger with a particular purpose acquisition company, dropped 15.34 percent.
The technology-heavy Nasdaq 100's entry into correction territory on Thursday posed a lousy omen for Bitcoin as a price correlation between the two hit its highest in a decade. An environment of tightening monetary policy and stricter regulation for crypto asset companies pushed bitcoin to its biggest daily fall since December 4th on Friday, dropping as much as 8.7 Percent like the craze for electric vehicles.People are going crazy for the Metaverse. The next generation will be playing and living inside the Metaverse. The Metaverse enable our personalities to be uploaded into the internet, facilitating profound interactions across a borderless digital ecosystem.
It’s only natural that the Shiba Inu community follows suit previously labeled as a pup coin Shiba Inu refers to a Japanese Dog breed. The token seemed to be much more than a speculative bet in the vast blockchain universe. Even the description of the token caused multiple red flags to pop up.
Since Shiba Inu's debut, a meteoric explosion of market value has silenced doubters. It hovers just above $13.9 billion over this three-day weekend. The community is backing this canine-inspired meme token, diving headfirst into the Metaverse, and it's not participation for participation sake.
A while ago, the developers announced that they would sell or auction digital plots or land called Shiba Lands. The name is given to the project's own Metaverse. After having registered a multi-fold growth in the cryptocurrency sector, meme-coin Shiba Inu has decided to foray into the Metaverse. The developers of Shiba Inu have announced that they will soon be releasing Shiba Land plots for purchase in the Metaverse.
The Metaverse will allow people to interact with its digital elements as 3D avatars to act as a fully functional shared virtual universe. The sector, supported by the blockchain,
has been stirring quite an intrigue among several small and large tech companies. The codename for Shiba Inu Metaverse is “Shiberse” for the time being, but the community leaders have promised to reveal its official name later in February. The meme coin handlers aim to introduce Shiba Land as a virtual real estate project. Metaverse is a wealthy businessman with entities paying millions for digital land. It all seemed plausible until the Russians showed up.
Shiba Inu may experience harmful effects though Ukraine is thousands of miles away from Americans. It may very well be the epicenter of the next major global conflict per the weak tensions between the U.S and Russia, which allegedly seeks to invade its neighbor over broader security concerns that have taken their darkest turn.If Russian President Vladimir Puttin gives the green light to invade Ukraine. The U.S would have zero choices to respond severely. American forces will somehow or other directly engage with Russian troops. It’s not much about Ukraine as it is the credibility of the U.S at stake. Should Ukraine fall, Taiwan wouldn't be far behind.
If the U.S demonstrates weakness, then the Chinese will also do what they wish. Though it’s a low-level concern, Shiba Inu will face the consequences of tension escalating into armed
conflict. That would be this decentralization doesn't mean squat if world powers destroy the stability of centralized institutions that give decentralized protocols. Their power
to begin within the most extreme sense Putin holds a gun to the head of developed nations whose citizenry can afford such frivolous pursuits as investing in Shiba Inu.
Several macroeconomic events have impacted the crypto market over the last two months: First, the Omicron scare led to a crash, then the U.S Federal Reserve’s announcement of balance sheet tightening spooked the market. A sharp correction followed it in technology stocks, which impacted crypto prices. Also, President Biden is expected to issue an executive order on the regulation of cryptocurrencies, adding to the uncertainty. Experts said that Bitcoin had broken the psychologically important $40,000, further losses could be expected. Bitcoin was trading at $57,489 on February 20th, 2021, and a year later, it is down 31.45%, while Ethereum is up 37.7%.
Hopefully, the Russian – Ukraine war will soon end, and we will see peace between them.
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