MemeCoins in a Slump: Top Tokens DOGE, SHIB, WIF, PEPE, FLOKI Suffer Price Drops

• DOGE dips to $0.1705, eyes $0.16 as new support amid 1.94% market cap fall.
• SHIB tests $0.00002573 low, market cap shrinks 2% in 24-hour bearish turn.
• WIF’s bearish wave hits $3.53, trading volume plummets 33% as confidence wanes.

Despite Memecoins being ranked as the most profitable in Q1 2024, with average returns over 1300%, according to the CoinGecko analysis, bearish momentum has seized the trend. As a result, the prices of Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE), and Floki (FLOKI) have all dropped significantly in the previous 24 hours. This could provide an opportunity for investors to buy the drop and potentially profit from a future price rebound in these meme coins. 

Dogecoin (DOGE)

The DOGE market has been dominated by bearish sentiment in the previous 24 hours, with the price sliding from a 24-hour high of $0.1874 to an intra-day low of $0.1705 before finding support. If the bears break through the $0.17 support level, the next possible support level might be around $0.16, making it an appealing entry position for investors wanting to capitalize on a potential comeback. 

DOGE/USD 24-hour price chart (source: CoinS…

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