Meme Coin Meltdown: What's Behind DOGE, SHIB, and PEPE Price Drops?
Meme coin prices are under pressure today, with leading tokens like DOGE, SHIB, and PEPE struggling against bearish trends. High volatility, influenced by recent crypto events and market dynamics, has led to multiple price dips with limited recovery.
Meme Coin Market Cap Plunges 8% Amid Price Declines
Meme-themed cryptocurrencies are particularly vulnerable in the current market conditions due to their inherent volatility and fluctuating demand. Popular meme coins, including DOGE, PEPE, and SHIB, have seen significant price drops, signaling a strong bearish trend and impacting their overall market capitalization.
According to CoinMarketCap analytics, the meme coin market cap has decreased by 8%, now standing at $73.49 billion. Trading volume, however, has increased by 20% to $12.54 billion, indicating strong selling pressure.
- Source: CoinMarketCap, Meme Coins’ Market Cap
Factors Behind the Price Drops of DOGE, SHIB, and PEPE
Dogecoin (DOGE) is currently trading at $0.2054, with a market cap of $30.88 billion, having lost nearly 8% of its value in the last 24 hours. This decline coincides with recent tariff updates and broader market anxieties triggering sell-offs.
Specifically, changes to import tariffs, including increases on Canada and India, have contributed to the downturn. The price of Dogecoin fell below the critical $0.20 support level, leading to liquidations of approximately $23.16 million within 24 hours.
- Source: CoinMarketCap, Dogecoin Price Chart
Shiba Inu (SHIB) and PEPE are also facing similar challenges. SHIB is trading at $0.00001214 after a 7.2% decrease, while PEPE has dropped to $0.00001049 following a 9.3% fall.
Both coins have experienced liquidations and breaches of key support levels. Overall, tariff concerns and the Federal Reserve's decision to maintain unchanged interest rates are major factors in the current downtrend.
- Source: CoinMarketCap, SHIB and PEPE Price Chart
As the market declines, Bitcoin dominance has risen to 61.2% as capital shifts from volatile assets like meme coins to Bitcoin. The Altcoin Season Index has also decreased to 35, indicating reduced investor confidence in altcoins.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are inherently risky. Always conduct thorough research and consider your risk tolerance before investing. Codeum provides smart contract audits and security consultations to help projects minimize risks.