This Week in Meme Coins: DOGE Struggles, PEPE Liquidations Rise
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This week, the cryptocurrency market faced a notable downturn, affecting major assets like Bitcoin and Ethereum with plunges of 12% and 17%, respectively. Meme coins, sharing a positive correlation with Bitcoin, also suffered. Dogecoin (DOGE) fell 24% to $0.095, dropping below its 20-day EMA and indicating a potential ongoing decline to $0.091. Similarly, Shiba Inu (SHIB) experienced a 23% drop, now at $0.000013, with weakening demand and a substantial fall in its Accumulation/Distribution Line. The downward trend suggests a continued decline to $0.000012. Pepe (PEPE) saw the most significant drop at 36%, leading to long position liquidations in its derivatives market. PEPE's trend indicators suggest further potential declines to $0.0000077, though a demand surge could push its price to $0.0000090.
Source: beincrypto.com ↗
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