Memecoin Meltdown: Are DOGE, SHIB, FLOKI, and PEPE Doomed?

Memecoin Correction: DOGE, SHIB, FLOKI Slump

The memecoin market has suffered a notable decline, with the overall market capitalization dropping by 10% to $46.499 billion. This downturn aligns with a broader crypto market correction, resulting in a 2.09% loss in the total market cap, now hovering around $2.36 trillion. Bitcoin has also been affected, experiencing a 1% decline and currently trading near the $65K mark.

Dogecoin's Persistent Struggle

Dogecoin (DOGE) has witnessed a downward trend over the past month, facing a substantial 21% drop in value. This decline has extended to both weekly and daily charts, with losses of 13% and 8.30% respectively.

DOGE/USD 1-Day Chart (Source: Coinmarketcap)
The downturn followed an unsuccessful attempt to breach the resistance level at $0.14, leading to a further decline to a support level of $0.1179. Despite these challenges, a potential recovery remains possible if Dogecoin can regain the critical level of $0.138. If this upward movement occurs, it may encounter resistance at...