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Ekta Mourya
FXStreet
Dogecoin and Shiba Inu prices plummeted alongside Bitcoin, Ethereum and other cryptocurrencies in the top 30 ahead of the FOMC meeting. Analysts are optimistic, however, that Dogecoin will breakout from its multi-year trendline.
Also read: Dogecoin copycat gets rug pulled plummets 99% overnight
The Federal Open Market Committee meets eight times a year to discuss monetary policy changes and reviews economic and financial conditions to assess the stability of prices in the economy. The FOMC is meeting on Wednesday for an anticipated 75 bps rate hike. Investors were risk averse ahead of the event and pulled out capital from cryptocurrencies; therefore, assets in the top 30 witnessed a steep decline.
Dogecoin and Shiba Inu prices plummeted, and the meme coins failed to recoup losses two weeks ago. Investors are sitting on their hands as experts have predicted a 75 bps hike on Wednesday. The current condition in the crypto markets is considered typical ahead of the FOMC meeting.
Market participants have anticipated a third mega hike in September 2022. Monetary policy is tightening quicker than thought, and growth is slowing down. This environment has resulted in capital outflow from meme coins and the DeFi ecosystem.
Whale activity on the Dogecoin network has increased significantly after the meme coin’s dominance spike. Based on data from crypto intelligence firm Santiment, Dogecoin and Shiba Inu are among the popular cryptocurrencies in whale portfolios.
Crypto investors who spent over $100,000 per transaction are accumulating DOGE, and there are 100+ large transactions daily on the Dogecoin network.
Shiba Inu is one of the largest non-Ethereum holdings of the top 100 Ethereum whales. Based on data from WhaleStates, whales hold a total of 493.65 billion Shiba Inu worth $5.4 million. 
Top 10 holdings of 100 largest Ethereum whales
Analysts at FXStreet believe that Dogecoin is ready to break out of its multi-year trendline. Since May 2021, the Dogecoin price has declined rapidly, but now the asset is ready to recover. Except for a few bounces in its price chart, Dogecoin price has steadily declined, losing 91.6% of its value year on year. For target prices and further information on the Dogecoin chart, check the video below:
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Tezos macro’s outlook can no longer be considered an impulse wave. A complex correction or sharp decline is now on the cards. Both scenarios make XTZ price unpromising. Tezos price shows bearish involvement.
The drop in Ripple price does not look like an ordinary sell-off. Market sentiment may be snoozing behind the wheel. XRP price could be heading for a devastating decline in the coming days if market conditions persist.
LINK has been trying to brave the volatile cryptomarket by pushing for gains north of its current market value of $6.30. A symmetrical triangle pattern started forming around mid-July and elevated LINK to $7.50 last week but missed its target at $8.60.
A brief technical and on-chain analysis on Cardano price. Here, FXStreet’s analysts evaluate where ADA could be heading next.
Bitcoin price has noticed a large shift in sentiment from being overly bearish to optimistic. Although greed is still out of the equation, things could soon reach these levels, especially if the trend continues as it has over the last ten days.
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