The cryptocurrency market seems to be experiencing a decline recently, with Dogecoin and Solana topping the list of the most affected currencies.
1️⃣Current situation of the cryptocurrency market:
♦️General decline: Most major cryptocurrencies have seen a decrease in their values, specifically on Friday, June 13, 2025, as the total market capitalization of global cryptocurrencies dropped by 3.22% in the past 24 hours, reaching $3.26 trillion.
♦️Dogecoin and Solana lead the losses: Among the major currencies, Solana (SOL) and Dogecoin (DOGE) recorded sharp declines, with Solana dropping by 9.15% and Dogecoin by 8.37% in the past 24 hours (as of the morning of June 13, 2025, UTC).
♦️Bitcoin and Ethereum: Bitcoin (BTC) has declined by 2.72% to around $104,657, while Ethereum (ETH) has dropped by 8.85% to around $2,511.
2️⃣Reasons for the decline:
Several factors contribute to this decline, the most notable of which are:
✅Geopolitical tensions: The escalating tensions in the Middle East, particularly reports indicating an escalation between Iran and Israel, have led to increased aversion to risky assets, including cryptocurrencies. These tensions have resulted in the liquidation of over $1.15 billion from traders' positions in the cryptocurrency market over the past 24 hours.
✅Profit-taking: After a period of strong market gains driven by macroeconomic optimism (such as declining inflation in the US, strong earnings from Chinese tech companies, and the US-China trade agreement), traders are currently taking profits, leading to intense sell-offs.
✅Fear and Greed Index (Crypto Fear & Greed Index): The index indicates "overbought" conditions, prompting sell-offs.
✅Economic uncertainty: The US Federal Reserve remains hesitant about cutting interest rates amid ongoing inflationary pressures, prompting investors to exercise caution when investing in high-risk assets.
✅Institutional selling: The impact of intense selling by institutions on market sentiment.
3️⃣Short-term forecasts and performance of Dogecoin and Solana:
👈Dogecoin (DOGE): Despite the current decline, some forecasts indicate the possibility of Dogecoin rising in the future, with some analysts predicting its value to range between $0.17 and $0.20 by the end of 2025. There is speculation about the potential launch of an ETF for Dogecoin, which could be a major catalyst for its rise.
👈Solana (SOL): While Solana is currently experiencing a sharp decline, some forecasts suggest that its value may rise slightly in the short term, with important support levels that need to hold to avoid further declines. Plans by DeFi development companies to raise billions of dollars to support the SOL treasury may impact its future performance.
Overall, the market appears to be undergoing a correction phase, with geopolitical tensions and profit-taking playing a significant role in this decline, and investors remain closely monitoring economic and geopolitical developments to determine the future market direction 😌😌.
