Dogecoin and Shiba Inu decline as Bitcoin falls to $62,000

Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) suffered significant losses. These declines outpaced those of major crypto assets such as Bitcoin (BTC) and Ethereum (ETH), indicating a potential shift in investor sentiment in this unpredictable sector of the market.

The total market capitalization of meme coins fell to $50.6 billion, reflecting a 6.47% decline over the past day.

Can meme coins bounce back?

This drop is much steeper than Bitcoin's 2.79% drop to the $62,000 level. As recorded Ethereum A loss, as it fell 3.5% and fell below the $3,000 level.

I witnessed Dogecoin, the leading meme coin, declined by 7.06%. follow him Shiba Inu followed closely by a drop of 5.39%.

Learn more: Memes in 2024: Will they make crazy gains?

Other parts even suffered more serious losses. For example, Dogwifhat (WIF) fell 11.95% and Pepe (PEPE) saw a decline of 7.62%, indicating a broad decline in these assets.

Some technical indicators point to potential recovery points for these volatile assets despite the economic slowdown. Dogecoin appears to have found support at $0.1455. A head and shoulders reversal pattern could emerge if it rebounds from this level and approaches the $0.1650 resistance.

This trend indicates a potential Dogecoin price rise of more than 53% from the current market price. However, a fall below the support level would negate this bullish outlook.

“Is Dogecoin ready for the next level? He speculates Namtoshi is a Dogecoin enthusiast.

Meanwhile, Shiba Inu consolidates between $0.00002818 and $0.00002071. A breakout or further decline in this range could have a significant impact on the future price trajectory.

As the market navigates these changes, the sharp decline in meme coin valuations highlights the risks and volatility associated with these digital assets. Unlike more established cryptocurrencies, meme coins are particularly vulnerable to changes in market dynamics and the influence of social media.

This slowdown could reflect a broader reassessment of risks by investors, particularly in the face of volatile market conditions. Although meme coins can offer excellent returns, the current market scenario highlights the need for prudent investment strategies.