- DOGE has declined over 16% in the past week.
- SHIB, PEPE, WIF have seen more than 20% losses in the weekly timeframe.
- Beercoin continues downward spiral hours after suspected insider activity.
Top meme coins continued a second consecutive day of losses on Friday as the crypto market has yet to recover from the impact of the Federal Reserve's (Fed) rate decision.
DOGE, SHIB, PEPE and WIF bows into weekend
During periods of extended market gains, meme coins have proven to be among the largest gainers, as the March meme coin frenzy revealed. Consequently, these tokens also suffer sharp declines during market slumps, as their recent price performance reveals.
Read more: Andrew Tate's DADDY meme coin dethrones Iggy Azalea's MOTHER after 450% surge
Dogecoin (DOGE) has witnessed over a 6% decrease on the day, extending its weekly losses to about 16%. DOGE is currently trading around $0.134. If the market decline persists, the $0.115 price level provides support based on on-chain data. According to data from IntoTheBlock, investors historically purchased 46 billion DOGE at an average price of $0.115, the meme coin's largest accumulation price zone. Hence, it could provide the needed cushion to prevent a further decline.
If DOGE begins trending upward, it could face resistance around the $0.16 price level, at which investors bought over 18 billion DOGE tokens.
DOGE Global In/Out of the Money
Shiba Inu (SHIB) has declined 8% in the past 24 hours and is now 20% down on the weekly timeframe.
Also read: Base meme coins bleed, with BRETT, BENJI, CHOMP, KEYCAT posting double-digit losses
The $0.000016 price level could prove a crucial support as it's the largest accumulation zone of SHIB, where investors acquired about 469 trillion SHIB tokens.
SHIB Global In/Out of the Money
PEPE is down more than 10% on the day, increasing its weekly losses by about 22%. PEPE's increased weekly losses can be traced to a $174 million spike in volume on June 11, potentially from sellers.
Solana-based dogwifhat (WIF) plunged 9% in the last 24 hours, extending its weekly loss to 20%.
Read more: Top trending meme coins PEPE, BOME, TRUMP: Bearish signs persist
Meanwhile, the recently launched Solana meme coin Beercoin continued its downward spiral, taking a 15% loss on Friday. BEER is now down 56% from its all-time high of $0.0005704, reached on June 10. The decline follows an X post from crypto analyst @WazzCrypto alleging that the team/insiders cashed out $15 million worth of BEER after its listing on crypto exchange Bybit.
The Solana shitcoin $BEER went down 80% a few days after listing on @Bybit_Official with insiders/team cashing out $15M+
— Wazz (@WazzCrypto) June 13, 2024
The team/insiders controlled 50%+ of supply
One of the biggest and more ellaborate meme scams I've seen so far
here are the wallets that caused the dump pic.twitter.com/ngdtVs7T0F
Lookonchain also reports that a BEER pre-sale participant cashed out a $1.3 million profit after selling 4.6 billion BEER tokens.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
SUI hits new all-time high fueled by Trump election win
Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.