The Dogecoin price is down around 5% in the last day following the general market crash. The meme coin which had seen improved sentiment did a quick 180 and started to bleed. However, while the Dogecoin price could only be following Bitcoin’s descent, are there other factors driving the decline? Why Is Dogecoin Price Falling? One reason that the Dogecoin price is down today is due to its proximity to Shiba Inu. The latter saw a highly anticipated Shibarium launch go awry on Wednesday, sparking rapid declines among the meme coins in its ecosystem. Related Reading: Can Ethereum Price Cross $2,000 Before The End Of August? As a result of this unfortunate event, the price of SHIB fell almost 10% in a matter of hours and this seemed to have spilled over to Dogecoin. Dogecoin, being a meme coin and the largest competitor for Shiba Inu, was expected to rally if SHIB had gone up as a result of the Shibarium launch. There is also the issue of competition expected between Dogechain and Shibarium, further fueling this correlation. Th ..
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