DOGE and Shiba Inu, these two difficult brothers, have really stumbled together recently.

Let's look at the numbers: In the past seven days, DOGE has dropped by nearly 17%, and SHIB hasn't fared much better, with a decline of around 12%. What's even more heartbreaking is that behind this wave of plummeting prices, there are "whales" frantically unloading — those holding between 10 million to 100 million DOGE have sold nearly 1 billion coins in just a week. This selling pressure has directly pushed the price below $0.18, causing a wave of liquidations in the contract market.

What is the market capitalization of DOGE? It shrank directly from nearly 30 billion USD to 24.7 billion USD. Although the trading volume surged, a closer look reveals that it is mostly panic selling. The situation is worse for SHIB, with the price dropping to a low of 0.0000089 USD, setting a record low in nearly a year. Trading volume has shrunk, funds are fleeing, and on-chain activity has cooled down; technically, the RSI has fallen below 34, indicating a clear state of weakness.

However, speaking of which, those who have played with meme coins know that this thing drops quickly and rises fiercely. The key support level for DOGE is currently in the range of $0.15 to $0.17, while SHIB is struggling in the oversold zone. It's indeed difficult to turn things around in the short term, but if the overall market sentiment warms up, they might be able to stage a strong rebound. After all, the script of meme coins never follows common logic.