[Rise of the Community] Will Meme Coin continue to fall?

泥是水啊 · 2023-10-09T02:14:05.000Z

As the weekly close approached, Bitcoin’s price failed to move above $28,300, settling at $27,800 at the time of writing. Despite multiple tests of resistance, bulls were disappointed by short-term profit taking and concerns about tightening policy from the Federal Reserve. So, what is the current situation of meme coins? Meme Coin Price Analysis Before PEPE coin, DOGE, SHIB, and FLOKI were popular meme coins. FLOKI Coin was listed on Binance at the same time as PEPE and remains in the shadows this year. The market value of Meme coins has dropped significantly, with a cumulative value of US$14 billion, and daily trading volume dropped to US$287 million. (Public account; Pepe Stud)

As the weekly close neared, the price of Bitcoin failed to surpass $28,300, settling at $27,800 at the time of writing. Despite multiple tests of resistance, bulls were disappointed by short-term profit-taking and concerns about Fed tightening. So, what is the current situation for the meme coin?
Meme Coin Price AnalysisBefore the emergence of PEPE coin, DOGE, SHIB and FLOKI were popular meme coins. FLOKI Coin was listed on Binance at the same time as PEPE and is still in the shadows this year. The market value of meme coins has dropped significantly, with a cumulative value of $14 billion and a daily trading volume of $287 million. (Official account: Pepe Soha)
Considering the total cumulative trading volume of all cryptocurrencies is $17 billion, continued disinterest is normal, especially for useless meme coins.
Dogecoin (DOGE) AnalysisDOGE maintains its dominance with a market cap of $8.6 billion and a trading volume of $92 million. Its closest competitor, Shiba Coin, has a market cap of $4.2 billion. FLOKI, ranked fourth after PEPE and BONE Token, is bracing for a 5% weekly loss with a market cap of $168 million.
The key area for DOGE is $0.06, which is currently protected by increased demand for futures trading. DOGE has tested this key support level on June 10 and August 17 and successfully defended it. However, a close below $0.055 and $0.05 could result in further declines.
Although the probability of a decline seems to dominate due to BTC’s poor performance, DOGE price may target $0.076 with a close above $0.065.
FLOKI Coin AnalysisFLOKI Coin has experienced a steady decline after being listed on Binance. It recently touched a local low of $0.00001525 in September. Currently, a close above $0.00001611 is likely to lead to further gains. Confirmation of the $0.000018 support level could pave the way for a retest of the $0.00002 peak.
Chaicoin AnalysisOver the past month, SHIB price has fluctuated between $0.0000077 and $0.000007. The narrow range reflects a continued lack of interest. This lack of demand is also evident in the price of DOGE.
The downtrend in the Shiba Inucoin price can be tracked by the formation of a falling wedge. The weekly chart shows two converging trend lines acting as dynamic resistance and support levels.
If the negative sentiment towards BTC triggers a major selling wave, the price could drop to $0.000005.