While cryptocurrency enthusiasts have been riding high on market gains in recent months, popular meme coins Dogecoin and Shiba Inu are taking a serious beating. Dogecoin plunged as much as 17% in a seven-day period, while Shiba Inu dropped roughly 12%. Not exactly the moon shot investors were hoping for.
DOGE’s market cap shrunk from nearly $30 billion to $24.7 billion in just one week, and SHIB hit its lowest point since January 2024.
The broader crypto market isn’t helping matters. A 4% drop across the board in 24 hours only added to the meme coins’ misery. But these pups have their own problems too. SHIB is suffering from weak liquidity and embarrassingly low trading volume. Network activity? Practically on life support. Recent data shows a concerning 76% bearish sentiment surrounding Shiba Inu, indicating extreme fear among investors.
Meanwhile, Dogecoin saw a surge in trading volume—but it’s mostly people heading for the exits. Large holders have sold approximately one billion DOGE within seven days. Not great.
Technical indicators paint a grim picture. SHIB is trading below all its major moving averages—the crypto equivalent of failing every class in school. Its RSI is below 34, basically screaming “oversold!” but nobody seems to care.
Dogecoin might bounce back if support holds, but don’t hold your breath for anything dramatic.
External factors are piling on the pressure. The Fed’s rate cuts, a strengthening dollar, and Bitcoin’s wobble below $100,000 have created the perfect storm for risk assets. Unlike Bitcoin with its market dominance of approximately 62.7%, meme coins lack the stability that attracts institutional investors. Remember when meme coins thrived on hype? Well, that community buzz is eerily quiet these days.
Adding insult to injury, newcomer Digitap is stealing the spotlight. Investors are apparently more interested in fresh meat than these aging meme coins. The lack of retail engagement—once the lifeblood of DOGE and SHIB—is particularly concerning.
For SHIB holders clinging to hope, analysts suggest a potential target of $0.00001040 if buying pressure materializes. Dogecoin optimists point to a long-term target of $1-$2.
But without a catalyst or return of the meme frenzy, these coins might just keep digging themselves deeper.
