Dogecoin and Shiba Inu Suffer Double-Digit Losses Overnight as Bitcoin Briefly Slumps to $92K

Crypto trader Tardigrade reassured that DOGE's pullback is part of a macro cycle.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) both slipped double digits overnight as Bitcoin (CRYPTO: BTC) briefly dipped to $92,000.

Crypto trader Tardigrade noted that DOGE's pullback is part of a macro cycle. Benzinga technical analysis showed SHIB's RSI suggests it is oversold.

Here’s what happened in crypto markets on Feb. 2, 2023.

pullback! 🫵✍️ When you understand the figures, it's just a process that $Doge has to undergo.

In the 2016 pullback, $Doge retraced 59.76%, followed by a +9,221% bull run.

In the 2020 pullback, $Doge retraced 56.2%, followed by a +30,693% bull run.

When in doubt, check the macro chart.

See Benzinga's complete coverage ofDogecoin here.

Crypto market technical analysis by Benzinga showed that SHIB's 14-day relative strength index reading at 22.2 indicated it was oversold, presenting a potential opportunity for a rebound.

The technical analysis also highlighted a long-term uptrend in SHIB's moving averages, with the 100-day simple moving average positioned above the 50-day and 200-day SMAs.

Shiba Inu Community NewsShiba Inu lead developer Shytoshi Kusama teased a major ecosystem upgrade in a video on X on Feb. 1, saying, “something is shifting… the key to the future is about to be opened." He hinted that the update will change everything as something big is coming.

Shibarium scan data showed a spike in daily transactions, which increased from 3.9 million to 4.75 million in 24 hours. Shibburn data showed 1.9 million SHIB were burned six hours ago.

Shiba Inu's large transaction volume surged 149.7% while daily active addresses were up by 5.4% as transactions greater than $100,000 increased from 104 to 215.

Shiba Inu and Dogecoin liquidations in the past 24 hours were $91.4 million and $7.55 million, respectively. Open interest in DOGE and SHIB decreased by 28.6% and 41.8%, respectively.

Whale Alert data showed some significant whale movements in DOGE, with around 200 million DOGE transferred from an unknown wallet to Binance in one transaction and 800 million moved between two unknown wallets.

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