Shiba Inu (CRYPTO:SHIB) and Dogecoin (CRYPTO:DOGE) have experienced significant market downturns today, dropping over 7% in value amid a broader crypto market decline triggered by Bitcoin's (CRYPTO:BTC) recent sell-off.

As Bitcoin plummeted to $57,000 due to substantial government sell-offs, investor sentiment soured across the entire crypto landscape.

On-chain data from Arkham Intelligence highlighted large BTC transactions from both the US and German governments, further intensifying market uncertainty.

While Shiba Inu and Dogecoin initially resisted the bearish trend, they eventually succumbed to selling pressure, with Dogecoin falling to $0.11 and Shiba Inu to $0.0000153, marking substantial declines from earlier 2024 highs.

The future of these meme coins remains tied to Bitcoin's recovery, as any upward movement in Bitcoin is likely to positively impact Shiba Inu and Dogecoin prices.