The cryptocurrency market is experiencing a downturn, and meme coins are not immune to the trend. Dogecoin and Shiba Inu, two of the most popular meme coins, have seen their prices fall by over 3% in the past 24 hours. This decline has sparked discussions among market participants, with many trying to understand the reasons behind the fall.

One possible reason for the decline is the current market sentiment. The broader cryptocurrency market is experiencing a downturn, and investors are becoming cautious. The hawkish comments from US Federal Reserve officials regarding interest rate plans have also contributed to the market's bearish mood. As a result, investors are hesitant to invest in risky assets like meme coins.

Dogecoin's price has fallen by 3.23% to $0.1223, with its trading volume declining by 30% to $489.51 million. The open interest in Dogecoin has also fallen by 2.41% to $603.19 million, indicating a lack of market interest in the coin. Shiba Inu's price has fallen by 3.13% to $0.00001717, with its trading volume declining by 37% to $193.65 million. The open interest in Shiba Inu has also fallen by 8.25% to $32.73 million.

Despite the decline in prices, the SHIB burn rate remains in the green, indicating continued support from the SHIB community to reduce the overall supply. The burn mechanism helps reduce the supply, which can aid in increasing the price. However, the current market sentiment and lack of investor interest are overriding this positive factor.

In conclusion, the decline in Dogecoin and Shiba Inu prices is a reflection of the current market sentiment. The broader cryptocurrency market is experiencing a downturn, and investors are becoming cautious. While the SHIB burn rate remains positive, it is not enough to offset the current bearish mood. As the market continues to evolve, it remains to be seen how meme coins like Dogecoin and Shiba Inu will perform in the future.