Meme Coin Shiba Inu and Dogecoin Fall as Bitcoin Faces Pressure at $71K Level

The cryptocurrency market is experiencing significant pressure as Bitcoin weakens to $71.34K. During this sell-off, meme coins such as Shiba Inu, Dogecoin, and Pepe are among the hardest hit. The meme sector, which relies heavily on market sentiment, shows high vulnerability to Bitcoin’s movements. Increased market volatility has created uncertainty for crypto investors amid global geopolitical tensions.

Dogecoin Loses Momentum After Failed Breakout Attempt

Dogecoin is currently trading around $0.09, showing a positive movement of +2.92% in the last 24 hours. Despite the gain, the token still faces significant technical challenges. Last week, Dogecoin briefly surged near $0.104 in a short rally, but the attempt was not sustained.

From a technical analysis perspective, Dogecoin remains trapped in a symmetrical triangle pattern, reflecting market uncertainty. This formation indicates a balance between buying and selling pressure. Selling pressure has re-emerged strongly, weakening the bullish momentum and preventing a move into higher zones. The next major price move will heavily depend on Bitcoin’s future direction.

Shiba Inu Meme Coin Drops Despite Massive Token Burn

Shiba Inu is trading at $0.00 with a +4.64% increase in the last 24 hours, but it still cannot escape broader market pressures. Notably, Shiba Inu’s token burning activity has surged by over 8,000% in a short period. Data shows that more than 3.8 million SHIB tokens have been removed from circulation.

Reducing token supply usually provides positive support for long-term price strength. However, in the current market conditions, the effect of burning is overshadowed by strong selling pressure. As a meme coin highly sensitive to market sentiment, Shiba Inu continues to follow the slowdown in the global crypto market. A key support level at $0.00000526 remains critical to watch. If the token can hold above this level, a recovery toward $0.00000540 is possible. Conversely, further Bitcoin weakness could delay sustained recovery.

Pepe and Meme Coins Face Extreme Volatility

Pepe is currently trading around $0.00 and is also feeling the market pressure. The entire meme coin sector shows high sensitivity to Bitcoin’s movements due to deep dependence on investor sentiment. When Bitcoin declines, meme coins are often the first to be affected by profit-taking and risk-off sentiment.

The crypto market is now experiencing increased volatility driven by various external and internal factors. Geopolitical tensions add stress to market psychology, while global economic data creates uncertainty. In such an environment, meme coins remain highly speculative instruments prone to fluctuations. Investors holding positions in Dogecoin, Shiba Inu, and Pepe should stay alert to market volatility and monitor critical support levels that could signal further selling phases.