- Meme coins like Dogecoin, Shiba Inu, and Pepe show mixed performance.
- Bitcoin reaches a new all-time high, trading at $107,487.
- The market outlook for meme coins remains uncertain, with the potential for further decline.
Bitcoin hit a new all-time high of $107,487 yesterday. However, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) failed to follow suit. This leaves investors wondering what to do next.
Weakness in Meme Coins
Dogecoin, the largest meme coin by market cap, is trading at $0.3869, reflecting a 4.1% loss in the last 24 hours and reducing its monthly gain to a modest 3.1%.
According to analyst Diana Fuman, Dogecoin shows weak adjustment at its current price, with the Stochastic RSI indicating an oversold status. Fuman suggests that recovery may be possible if the price holds above $0.38 in the short term, though the overall trend remains weak and directionally neutral.
Similarly, Shiba Inu has dropped 5.0% in the past 24 hours to $0.00002592. Analyst Natalie Dormer notes that if SHIB’s trend curve breaks, its price could dip to $0.000022, extending the ongoing pullback phase.
Meanwhile, key resistance levels are identified at $0.00004 and $0.0000665 in case of a bullish rebound, with a long-term target of $0.00045 if the coin stabilizes and gains traction.
Pepe faces similar challenges, with a 7.7% decline in the last 24 hours and a 7.8% loss over the past week. Analyst Rose highlights that the daily chart indicates a possible correction toward the support zone at $0.00002009, which could offer a buying opportunity if the price rebounds.
Expected upside targets for Pepe include $0.00002774 and $0.00004251, while a stop-loss is advised below $0.00001500 should the ongoing downturn worsen.
FLOKI has also underperformed, falling by 4.9% in the past 24 hours to trade at $0.0002185. Over the last 30 days, FLOKI has recorded a 16.0% loss, marking a challenging period for the token.
Mid-Ranking Coins Also Tumbles
While top-tier meme coins struggle, mid-ranking assets have not fared much better. Notcoin has dropped 6.0% in the last 24 hours and is down 24.4% over the past month.
Meanwhile, Turbo experienced a 6.7% loss in the past day but has managed an 11.5% gain over the past month. Pudgy Penguins (PENGU) has suffered the heaviest losses, plunging 51.4% in the last 24 hours alone.
Bitcoin’s Impact on Meme Coins
As Bitcoin continues its ascent, meme coins chart a divergent path marked by uncertainty. However, as historically observed, meme coins and alternative cryptocurrencies often engineer their best performance after Bitcoin’s bull momentum has lost steam.
Bitcoin is trading at $104,268, down 2.5% in the past 24 hours but up 13.5% over the last month.
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