Memecoin Meltdown: Are DOGE, SHIB, FLOKI, and PEPE Doomed?

The memecoin market has experienced a significant downturn, with an overall market cap declining 10% to $46.499 billion. This decline is part of a broader crypto market correction, which saw a 2.09% drop in market cap, bringing it down to $2.36 trillion. Notably, Bitcoin also felt the ripple effects, falling 1% and hovering around the $65K mark.

Dogecoin’s Continued Struggle

Dogecoin (DOGE) has been trending downward over the past month, with a significant 21% drop in value. The decline continued across weekly and daily charts, showing 13% and 8.30% losses, respectively.

DOGE/USD 1-Day Chart (Source: Coinmarketcap)

This downturn followed an unsuccessful attempt to overcome the resistance level at $0.14, which led to a further drop to a support level of $0.1179. Despite these setbacks, a recovery is possible if Dogecoin can rise above the critical level of $0.138. If this upward movement materializes, the following resistance targets could be set at $0.150 and $0.175.

On the contrary, if the downward trend continues and Dogecoin dips below the $0.113 mark, it might seek lower support levels at $0.074 and $0.069. Currently, Dogecoin is trading at $0.1225, with a market capitalization of $17.73 billion, marking an 8.28% decrease in the last 24 hours.

Shiba Inu Breaks Critical Support

SHIB has also declined steeply, breaking the critical support level of $0.00001837, a figure last touched on April 13. In the past day alone, SHIB has decreased by 9.50%, bringing its price to $0.00001829.

SHIB/USD 1-Day Chart (Source: Coinmarketcap)

This marks a 19% and 26% fall on the weekly and monthly charts. If the downtrend continues, SHIB might target the January low of $0.000008407. Alternatively, a bounce back from its current level could see it test the $0.00002630 resistance.

PepeCoin Reaches for Lower Support

On the same accord, PepeCoin recently experienced a 38% price reduction from its all-time high of $0.00001718 on May 27 to the current $0.00001066. This represents a 9.28% daily drop and a 10.59% weekly decline.

PEPE/USD 1-Day Chart (Source: Coinmarketcap)

PEPE is now approaching the support level of $0.000009193, with potential further drops to $0.000007617 and $0.000005921 if this level does not hold. Conversely, recovery could push it towards the recent highs of $0.00001243 and $0.00001389.

Floki’s Consecutive Bearish Trend

The FLOKI token has been particularly hard hit, marking eight consecutive days of declines since reaching its all-time high of $0.0003462 on June 5. Despite a brief recovery attempt, the bearish trend prevailed, leading to an 11.89% decrease in the last 24 hours to $0.0001687.

FLOKI/USD 1-Day Chart (Source: Coinmarketcap)

This downturn represents a 31% and 18% fall on the weekly and monthly charts, respectively. Future support is anticipated at the May low of $0.0001431, with potential dips to $0.0001256 and $0.0001121 if declines continue. Should bullish momentum return, FLOKI could target a recent high of $0.0002084 and possibly extend to $0.0002800.

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