- Dogecoin, Shiba Inu, and Pepe Coin plunged as Bitcoin fell below $70,000, dragging the crypto market down 8%.
- Declines in token prices, burn activity, and institutional interest highlight growing market weakness and cautious sentiment.
The cryptocurrency market faced a sharp downturn as Bitcoin fell below $70,000, triggering heavy losses for major meme coins. Shiba Inu, Dogecoin, and Pepe Coin recorded significant declines, reflecting broader market weakness and growing risk-averse sentiment among traders.
Dogecoin Tests Critical Support Levels
Dogecoin saw a 14.89% drop in 24 hours, trading at $0.0889. The $0.10 mark now serves as crucial support for the token. Analysts are closely watching this level for signs of stability or further decline.
Open interest in Dogecoin futures decreased from 1.27 billion to 1.06 billion, indicating reduced institutional involvement amid market uncertainty. If Dogecoin holds above $0.09, it may attempt a recovery, but failure to maintain current levels could trigger additional selling pressure.
Shiba Inu Sees Slowing Burn Activity and Price Decline
Shiba Inu experienced a 15.64% price decrease, trading at $0.000005650. Its burn rate dropped 19.50%, with approximately 1.45 million SHIB tokens removed from circulation. This slowdown in token burning reflects reduced community engagement or strategic conservation of assets.
The coin is testing support at $0.0000063, a level that has historically provided stability during downturns. Maintaining above this zone could help Shiba Inu rebound toward $0.0000069, while a breakdown could expose the next support area.
Pepe Coin Approaches Yearly Lows
Pepe Coin recorded the steepest decline among meme tokens, falling 17.11% to $0.000003553. The token has struggled against major resistance and is consolidating within a triangle pattern. Over the past month, Pepe Coin has dropped 41%, now trading near its annual lows.
Technical analysts identify support at $0.0000035 as critical. A recovery scenario would target $0.000004, though continued market weakness risks pushing the coin lower. Pepe Coin’s trajectory remains closely tied to Bitcoin’s performance.
The meme coin sector’s total market capitalization shrank to $33.5 billion, down 10.7% in 24 hours. Overall, the cryptocurrency market declined 8.13%, with total capitalization now at $2.3 trillion. Traders are closely watching Bitcoin for signs of stabilization, as its movements will likely determine whether meme coins can recover or face further declines.
ALSO READ: Why Bitcoin, Ethereum, and XRP Are Plunging Amid Retail Panic
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