Major meme cryptocurrencies suffered significant losses as Bitcoin fell below $70,000. The meme coin sector saw its market capitalization shrink to $33.5 billion, representing a 10.7% decline in 24 hours.
Dogecoin traded below the $0.10 threshold amid sustained bearish momentum. Shiba Inu recorded a 15.64% price decrease in the last 24 hours. Pepe Coin suffered the steepest decline, falling 17.11%.
The selloff mirrored broader weakness in the cryptocurrency market. Total crypto market capitalization dropped 8.13% to $2.3 trillion. Bitcoin has shed nearly $2 trillion in value since reaching its October all-time high. The leading cryptocurrency now trades at levels last seen during its 2021 peak.
Macroeconomic pressures continue to weigh on digital asset valuations. Risk-averse sentiment has dominated trading activity across all crypto categories.
Dogecoin Tests Critical Support Level
Dogecoin changed hands at $0.0889 after a 14.89% decline in the last 24 hours. The $0.10 level now represents crucial support territory for Dogecoin. Traders are monitoring this threshold for signs of stabilization or further deterioration.
Derivatives market data reveals weakening institutional interest. Open interest in Dogecoin futures contracted from 1.27 billion to 1.06 billion. This reduction suggests traders are closing positions amid uncertainty.
A sustained hold above $0.09 could enable a recovery attempt. Breaking back above $0.10 would signal a potential trend reversal. However, failure to maintain current levels may trigger additional selling pressure.
Shiba Inu Faces Diminished Burn Activity
Shiba Inu declined 15.64% in the last 24 hours to trade at $0.000005650 at the time of writing. The token’s burn rate decreased by 19.50%, with 1,453,488 SHIB tokens removed from circulation. This represents a sharp slowdown in deflationary activity.
The cryptocurrency is testing support at $0.0000063. This level has provided stability in previous downturns. Maintaining prices above this zone could facilitate a bounce toward $0.0000069.
A breakdown below the current support would expose the next support area. The reduced burn rate suggests decreased community engagement or strategic conservation of tokens. This metric often correlates with market sentiment and trading volumes.
Pepe Coin Approaches Annual Lows
Pepe Coin dropped 17.11% to $0.000003553 over 24 hours. The token has struggled to overcome major resistance despite multiple attempts. Price action suggests consolidation within a triangle pattern.
The meme coin has plunged 41% over the past month. Current trading levels sit near yearly lows. Two weeks of persistent selling have eroded earlier gains substantially.
Technical analysts identify potential support at $0.0000035. This represents a critical defense line for bulls. Bitcoin finding stability around $66,000 could provide relief for Pepe.
A recovery scenario would target the $0.000004 level. However, continued market weakness threatens to establish new lows. The token’s performance remains highly correlated with Bitcoin’s movements.
The trajectories of Dogecoin, Shiba Inu, and Pepe Coin depend on Bitcoin’s stability. A Bitcoin recovery would likely lift meme coins from current levels. Continued downward pressure risks testing deeper support zones.
Source: https://coinpaper.com/14336/shiba-inu-dogecoin-and-pepe-coin-prices-record-major-losses-as-crypto-market-drops-8
