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So this morning I saw Bitcoin drop below $70K and immediately the meme coin market crashed. Dogecoin, Pepe, and Shiba Inu all took the hit. No wonder, since these coins are really sensitive when Bitcoin moves. Volatility spiked dramatically and everyone started panic selling.
Dogecoin is now trading around $0.10, down about 2.55% in the last 24 hours. Last week it rallied up to $0.104 but the bullish momentum failed to break through. Now stuck in an symmetrical triangle pattern, meaning buyers and sellers are still pulling against each other. Selling pressure has increased again, erasing some weekly gains. The breakout attempt failed completely, and momentum is weakening.
Meanwhile, Pepe is trading at a very small level, around $0.00000334. Technical indicators show weak momentum and selling pressure. Nothing special is happening with Pepe, basically just following the downward trend.
What’s interesting is the recent Shiba Inu news. Although the price dropped 3.19% and is now at $0.00000539, there’s been a huge spike in token burning activity. The burning rate increased by over 8,000 percent in a short period, with 3.8 million SHIB tokens taken out of circulation. Normally, token burning is bullish for the long term because it reduces supply, but now its effect is overshadowed by the market downturn. This Shiba Inu burning news could potentially be a recovery catalyst later, but for now, the price is still moving downward.
Analysts say the key support area for Shiba Inu is at $0.00000526. If it can hold above that level, a recovery toward $0.00000540 is possible. But if Bitcoin drops further, the recovery could be delayed.
Overall, the crypto market is currently in a high-volatility phase. Meme coins like Dogecoin, Pepe, and Shiba Inu are all highly dependent on Bitcoin sentiment. So, any movement in Bitcoin directly impacts these coins. Until Bitcoin stabilizes again, Shiba Inu news and other meme coins may continue to move erratically. The most important thing now is to monitor support levels and wait for recovery signals from Bitcoin itself.