Meme Coin Market Turbulence: PEPE, Dogecoin (DOGE), Shiba Inu (SHIB) Prices Plummet – Here’s Why

Popular meme-based cryptocurrencies PEPE, Dogecoin (DOGE), and Shiba Inu (SHIB) have seen price drops over the past 24 hours. According to data from CoinMarketCap, PEPE is down 0.75% and trading at $0.000003, DOGE is down 7.42% at $0.119322, and SHIB has plunged 7.24% to $0.000013, as of this publication.

Two key reasons are driving this broad-based sell-off across the major meme coins:

Profit-Taking After Recent Rallies

These memecoins have lately witnessed massive price pumps which can often prompt experienced crypto traders to take profits off the table after these parabolic ascents. Furthermore, market analyst Rekt Capital notes a critical observation in DOGE’s market behavior, noting that a monthly closure above the prevailing macro downtrend line could be a pivotal moment for DOGE. This highlights a short-term bearish trend for DOGE which per Rekt is poised for a macro uptrend as it has closed above the downward trend line.

Lack of Long-Term Confidence

Additionally, while meme coins often see speculative manias and viral rallies, most traders do not view them as long-term investments compared to cryptocurrencies like Bitcoin. With Bitcoin’s next halving event arriving in April 2024, the focus is returning to more established coins like BTC that traders believe have enduring value.

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Technical indicators reflect this cooling off across the meme coins. For example, PEPE’s daily RSI is at 77.91, indicating overbought conditions. Similarly, DOGE and SHIB both exhibit daily RSI readings of 85.53 and 85.75, indicating that these assets are technically overextended. Consequently, many traders are beginning to anticipate a retracement.

In summary, a combination of profit-taking after recent spikes and rotation back into cryptos with deeper value is driving the steep drops in PEPE, DOGE, and SHIB over the last day. Savvy crypto traders will be monitoring risk and positioning their portfolios accordingly amidst this volatility across the popular meme coins.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.