Meme Coins Plunge: Dogecoin and Shiba Inu Prices Crash Amid Trade War Fears and Bitcoin Dip

Dogecoin and Shiba Inu prices experienced double-digit crashes in the last 24 hours, declining over 14% and 12% respectively, according to CoinMarketCap data. The price decline is attributed to multiple factors, including concerns over a potential trade war sparked by Trump's proposed 25% tariffs on Canada and Mexico. Canada has already imposed retaliatory tariffs on the US. Further contributing to the bearish sentiment is Trump's decision to raise tariffs on China to 20%, with China responding by increasing tariffs on US goods to 15%. The Trump administration's pause on military aid to Ukraine has also fueled market uncertainty. Adding to the downward pressure, the Federal Reserve's quantitative tightening policies are slowing liquidity into these coins. Developments in the crypto market, such as the debate over altcoin inclusion in the crypto strategic reserve, and a Bitcoin price drop due to CME gaps at $85,000 and $78,000, have further contributed to the decline.