Meme Coins in Turmoil: DOGE Down 2%, SHIB Drops 3%, PEPE Falls 6%

Despite a recent bullish trend, the global crypto market has once again succumbed to bearish pressure. This reversal has caused meme coins like Dogecoin (DOGE) to decline in value, while Shiba Inu (SHIB) remains stagnant.

Emerging contenders like Pepe (PEPE) are also experiencing setbacks, showing losses as they attempt to establish themselves amidst the volatility. In just the past 24 hours, the crypto market has decreased by 1.41%, now at $2.34 trillion.

Concurrently, trading volume has shrunk by 8.54%, dropping to $69.16 billion. Bitcoin hasn’t been immune to these fluctuations, falling from an intraday peak of $65,086 and finding support at $63,481.

Dogecoin Drops to $0.1189 Amid Four-Day Decline

Dogecoin (DOGE) has experienced a continuous four-day decline, causing its price to dip to $0.1189. This represents a 2.76% decrease from the previous day’s value. Throughout this period, DOGE has fluctuated between an intraday low of $0.1176 and a high of $0.1228.

Source: CoinMarketCap

This downward trend is in line with a broader bearish market sentiment, which has also affected DOGE’s market capitalization, reducing it by 2.75% to $17.26 billion. As a result, DOGE now ranks 9th among cryptocurrencies. Technical indicators, such as the RSI, currently at 49.06, suggest that DOGE might consolidate in the short term before making any significant moves.

SHIB Faces 3% Drop Amid Market Consolidation

Mirroring DOGE’s price action, Shiba Inu (SHIB) has been consolidating between its opening price of $0.00001803 and an intraday low of $0.00001686. At the time of writing, SHIB is trading at $0.00001714, marking a 3% decline within a single day. Consequently, its market capitalization has fallen to $10.098 billion, placing it 13th in the cryptocurrency rankings.

Source: CoinMarketCap

Technically, the MACD index indicates a strong bearish trend for SHIB in the short term. However, the decreasing size of the MACD histogram’s red bars suggests that this bearish sentiment may be weakening. Meanwhile, SHIB’s 24-hour trading volume has surged by over 80% to 1.107 billion, painting a more dynamic picture of its current market activity.

PEPE Struggles to Maintain $0.00001120 Support

PEPE’s price has sharply fallen to $0.00001134, experiencing a 6.18% drop over the last 24 hours. Currently, PEPE clings to the $0.00001120 support level, which has held steady since today’s opening. Its market capitalization stands at $4.79 billion, while trading volume has decreased by 2.19% to $902.9 million.

Source: CoinMarketCap

From a technical perspective, the RSI, originating from the oversold territory, indicates the bearish trend might persist in the short term. If this scenario unfolds, PEPE could plunge further, possibly breaching the $0.00001120 support level.

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