Dogecoin and Shiba Inu trading volume explode, but correction remains imminent

  • Shiba Inu trade volume hit $1.5 billion the day of its listing on the world's second-largest exchange.
  • Dogecoin trade volume across exchanges increased in response to Elon Musk's tweet and the bullish outlook of traders.
  • Dogecoin and Shiba Inu price are yet to recover from the drop recorded on September 7. 

Dogecoin and Shiba Inu price plunged after on-chain activity for the Shiba-Inu-themed meme coins hit a high. 

Dogecoin and Shiba Inu price set to drop further

Dogecoin price is yet to recover from the September 7 crash, and the altcoin has posted 23% losses over the past week. Elon Musk, an advisor to Dogecoin Foundation and a tech billionaire, triggered a spike in trade volume for the two Shiba-Inu-themed cryptocurrencies. 

Historically, Musk's tweets have had an impact on trader sentiment toward DOGE and SHIB. 

Cryptocurrency trader and analyst @itsALLrisky summarizes Musk's influence on Dogecoin price in his recent tweet.

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