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

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: CoinStats)

However, if bulls can defend the $0.17 support level and break through the $0.18 resistance, it might signify a turnaround in Dogecoin’s current negative trend, with the next possible resistance level around $0.20.

During the decline, DOGE’s market capitalization and 24-hour trading volume fell by 1.94% and 32.28%, respectively, to 25.84 billion and $2.49 billion.

Shiba Inu (SHIB)

Shiba Inu (SHIB) bulls have likewise retreated in the previous 24 hours, with attempts to neutralize the bear rally failing to break the intra-day high of $0.00002748. As a result, SHIB fell to a seven-day low of $0.00002573 before recovering somewhat to its current price of $0.00002668, a 2% drop from the day’s peak.

If the bearish movement continues, the next support levels for SHIB are around $0.000025 and $0.000024. However, if the bulls take control, SHIB may test resistance at $0.000027 and $0.000028 in the immediate future.

SHIB/USD 24-hour price chart (source: CoinStats)

SHIB’s market capitalization and 24-hour trading volume declined 2% and 29.84%, to $15.72 billion and $641.21 million, respectively, reflecting a drop in investor interest and overall market value.

Dogwifhat (WIF)

Solana-based memecoin Dogwifhat (WIF) has also entered a bearish phase, with the price reversing after failing to breach the $4.16 barrier level. As a result of the bearish trend, WIF plummeted to a low of $3.53 before finding some support. The current market capitalization of WIF is $3,893,507,974, a 5% decrease.

With a 24-hour trading volume of $586,674,854, a 33% decrease, there is a significant drop in trading activity and market confidence in the Dogwifhat (WIF) coin.

WIF/USD 24-hour price chart (source: CoinStats)

The next crucial support levels to watch for WIF are $3.40 and $3.20, as a break below these levels could signal further negative potential for the coin. However, if WIF regains momentum and breaks over $4.16, the next resistance levels to monitor are $4.50 and $4.80. With the bears still in control, WIF was trading at $3.90 at press time, down 5.77% from the day’s high.

Pepe (PEPE)

Pepe (PEPE) has also struggled, with a 4% decline in value today, marking a seven-day low. In the previous 24 hours, bearish sentiment has surpassed positive momentum, with the price fluctuating between an intra-day low of $0.000006621 and a high of $0.00000739.

If the bears break through the $0.000006621 support level, the next critical support levels to watch are $0.000006 and $0.0000055. However, if the bulls can push the price over $0.00000739, the next resistance levels to watch are $0.000008 and $0.00009.

PEPE/USD 24-hour price chart (source: CoinStats)

At press time, the bears remained in control, with the PEPE price trading at $0.000007005, a 4.55% drop from the barrier level.

Floki (FLOKI)

After starting today’s trading session with bearish momentum, bulls in the Floki market attempted to reverse the trend before encountering resistance at 0.0002146. As a result, the FLOKI price fell as low as $0.0001939 before recovering slightly to $0.000203 at press time. If the bulls can maintain their momentum and break above resistance at $0.0002146, the next levels to monitor are $0.00022 and $0.00023.

However, if the bears continue to prevail, we may witness a further slide approaching the support level of $0.00019.

FLOKI/USD 24-hour price chart (source: CoinStats)

FLOKI’s market capitalization and 24-hour trading volume decreased by 4.53% and 23.77%, respectively, to $1.94 billion and $219.96 million. The reduction in market capitalization and trading volume may suggest a decrease in confidence in the FLOKI market, which might put additional downward pressure on the price.