The memecoin market, led by Dogecoin (DOGE) and Shiba Inu (SHIB), took a significant hit in the last 24 hours after Bitcoin (BTC) dropped below $100,000 earlier this week. As of now, the total valuation of the memecoin sector has fallen by 10%, currently sitting around $99.8 billion. This decline comes as a result of broader market pressures and growing concerns among investors.
Read on to discover the latest market insights.
Bitcoin’s recent dip is just one factor contributing to the downturn in the memecoin market. There are increasing fears of a potential crypto sell-off, further fueled by predictions of a Western stock market crash due to a major AI breakthrough in China by DeepSeek. This uncertainty is putting additional pressure on the memecoin industry.
On top of that, over $625 million in crypto positions were liquidated in the past 24 hours, most of them from long trades. This raises the possibility of a long squeeze, which could add further strain to the market.
From a technical analysis standpoint, Shiba Inu (SHIB) is currently trapped in a macro triangular consolidation pattern, similar to the one seen with Ripple Labs’ XRP before it experienced a bullish run to new all-time highs. Crypto analyst Ali Martinez points out that SHIB is now testing a critical support range between $0.0000185 and $0.000021.
If the broader crypto market continues to face selling pressure, SHIB could drop another 10%, potentially reaching the next support level around $0.000016. Moreover, the weekly Relative Strength Index (RSI) has fallen below the 50% mark, suggesting that short-term bears are currently in control.
Through the Shibarium layer 2 scaling solution, the Shiba Inu project has gradually shifted to a utility-based memecoin. As of this writing, the Shibarium network had a dozen Decentralized Financial (DeFi) projects, with a total value locked of about $2.75 million.
With a market cap of $10.6 billion, SHIB remains the second-largest memecoin by market cap and continues to grow its community. Over 1.4 million on-chain holders are backing the token, showing strong support.
As SHIB builds on its utility and community engagement, it’s well-positioned to do well in the long term, even with the short-term market challenges.
Shiba Inu’s adaptability may just be the key to its long-term survival and growth.
By 2025, our price prediction forecasts that the Shiba coin price could be worth $0.00006392. With a potential surge, the price may go as high as $0.000321 by 2030.
With the coming updates and strong community, Shiba Inu remains a strong candidate in the crypto world.
Yes, Dogecoin might definitely be a good investment, if you are looking to invest for the long term.
According to our DOGE price prediction, the meme coin might hit a maximum of $1.07 in 2025.
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