Dogecoin, Shiba Inu, and Pepe Coin prices dropped sharply as Bitcoin plunged beneath the $70,000 threshold. The meme coin market cap dropped to $33.5 billion, with a 10.7% decline within the 24 hours. The Dogecoin fell below $0.10 as it continued to face bearish price action. Shiba Inu price fell by 8%, and Pepe Coin fell by 17% over the past week.
This is a selloff in line with other overall crypto market losses, which fell 8.13% to $2.3 trillion.
The decrease is due to macroeconomic issues, putting the losses of almost $2 trillion in the hands of Bitcoin since the all-time high in October. Bitcoin is currently back to price levels that it has not experienced since its high in 2021.
Dogecoin Price Dips Below $0.10 Amid Bitcoin’s Sell-off
Dogecoin price traded at $0.0949 after breaking below the $0.10 mark, reflecting a broader market downturn.
The cryptocurrency closely followed Bitcoin’s 8.16% drop, which triggered over $840 million in liquidations across the crypto market. The market-wide risk-off move has propelled Dogecoin to a very critical state, where it is testing the $0.10 support level.
As the derivatives market weakened, the Open Interest of the futures dropped to 1.06 billion, declining from 1.27 billion.
Source: CoinglassShould it be able to maintain above the $0.09 price, there is a possibility of a recovery. Nonetheless, any long-term break above $0.10 would indicate a possible reversal of the trend.
Shiba Inu Price Drops 9%: Key Support Level in Focus
Shiba Inu price has dropped by 9.30%, now standing at $0.00000592 over the past 24 hours. The burn rate is also reduced by 19.50%, and 1,453,488 $SHIB is burnt. The major support level that SHIB is testing is at the moment of $0.0000063.
The burn rate is also reduced by 19.50%, and 1,453,488 $SHIB is burnt. The major support level that SHIB is testing is at the moment of $0.0000063.
If the future Shiba Inu price outlook manages to hold above this, a potential rebound toward $0.0000069 is possible. Nevertheless, a drop below it may indicate a further fall to the subsequent support area, as the overall crypto market fails.
Pepe Coin Faces Key Support Test After Steep Selloff
Pepe coin price dropped by 10% to $0.00000365 over the past 24 hours. The Meme coin is now consolidating around a major resistance level, making several unsuccessful attempts to rise higher.
The price is still under pressure and is developing a potential triangle pattern, despite various efforts. Pepe has fallen by 41% in the last one month and is now close to annual lows.
The coin is corrective after a two-week sharp sell-off. In case Bitcoin gets support around $66,000, Pepe might make an effort to rebound against $0.000004. Nevertheless, a further decrease may challenge the new low of the $0.0000035.
What Next for Dogecoin, Shiba Inu, and Pepe Coin Price?
The future of Dogecoin, Shiba Inu, and Pepe Coin prices is conditioned by the development of the market and the performance of Bitcoin. In case Bitcoin price stabilizes, these top meme coins can rebound, and the additional drops can challenge their support rates.
Source: https://coingape.com/markets/dogecoin-shiba-inu-and-pepe-coin-price-prediction-as-bitcoin-crashes-below-70k/
