Meme Coin Market Turbulence: PEPE, Dogecoin (DOGE), Shiba Inu (SHIB) Prices Plummet

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +Show less –

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.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.

Buy NUGX Today

Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters

The post Meme Coin Market Turbulence: PEPE, Dogecoin (DOGE), Shiba Inu (SHIB) Prices Plummet – Here’s Why appeared first on CaptainAltcoin.