Dogecoin News – Meme Coins Struggle Amid Bear Market: DOGE, SHIB, and PEPE Retest Lows

Dogecoin News – Meme Coins Struggle Amid Bear Market: DOGE, SHIB, and PEPE Retest Lows

Dogecoin News – The ongoing bear market has significantly impacted the cryptocurrency sector, with meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) experiencing notable declines. These once high-flying meme assets are now revisiting their previous lows, reflecting the broader market sentiment.

Recent Performance

In the last 24 hours, Dogecoin (DOGE), the dog-themed meme coin initially created as a satirical take on Bitcoin (BTC), has plummeted by over 5%. Similarly, Shiba Inu (SHIB), another popular dog-themed cryptocurrency, has seen its value decrease by 6%. Meanwhile, Pepe Coin (PEPE), which is inspired by the well-known internet frog meme, has suffered an even more significant drop, falling by 11% between Sunday and early Monday.

Sustained Downtrend

These meme coins have been on a downward slide since last week. According to CoinMarketCap, Dogecoin has lost over 11% of its value, now trading around $0.11, a significant drop from its all-time high of $0.73. Shiba Inu (SHIB) and Pepe Coin (PEPE) are also retesting their previous lows as major investors shift towards more stable assets. As of June 23, SHIB has declined by over 16% in the past week, trading at approximately $0.00001702. PEPE has seen an 11% correction in the same period.

On June 17, SHIB broke a critical support level of $0.00002 for the first time since early March 2024, a threshold analysts had deemed crucial for a potential rally. Concurrently, blockchain research platform Santiment suggested that the waning interest in meme coins might present a buying opportunity for patient traders waiting on the sidelines.

Market Positions

Despite the downturn, Dogecoin remains within the top 10 largest cryptocurrencies by market capitalization, holding the ninth position with a market cap exceeding $17 billion. This places it ahead of Cardano’s ADA, which is ranked tenth with a market value of over $13 billion. Shiba Inu (SHIB) stands as the 12th largest cryptocurrency, with a market capitalization around $10 billion.

While DOGE and SHIB maintain their positions, other meme coins have not fared as well. For instance, Dogwifhat (WIF), another dog-themed token based on the Solana blockchain, experienced a 15% decline on Monday and a 38% drop over the past week. This decline reduced WIF’s market capitalization by 9% within 12 hours, resulting in its removal from the top 50 cryptocurrencies. It now ranks 52nd on CoinMarketCap with a valuation of $1.5 billion.