The once colorful and humorous world of meme coins has taken a hit as the prices of $SHIB, $DOGE , $PEPE , WIF and $BONK have plummeted. Fueled by internet culture and viral trends, the market value of these digital tokens plummeted, resulting in double-digit losses for the meme coin index.

The sharp decline reflects broader bearish sentiment sweeping the crypto sector, raising critical questions about the sustainability and future of meme-based currencies. The decline is not limited to just meme coins, as major altcoins have also experienced significant declines.

For example, Bitcoin fell more than 3% today, retesting the $58.3K mark, while Ethereum fell 4.69%, stabilizing above the $3.2K mark.

Prices for SHIB and DOGE in Bloodbath

Amid bearish sentiment in the broader market, SHIB Shiba Inu and DOGE Dogecoin tokens fell significantly, trading in the red zone. According to data from CoinMarketCap, DOGE, the leading meme coin, is making lower lows with its price fluctuating between an intraday high of $0.122 and an intraday low of $0.1126.

At press time, #Dogecoin‬⁩ was trading at $0.1129, down 7.12% from the previous day and down 28% over the last 30 days. If this bearish trend continues, DOGE may soon test the support level at $0.10.

Likewise, the price of #Shibalnu is currently around $0.00001559, down 7.65% in the last 24 hours. This is the lowest point for SHIB since March 1, hinting at an impending bearish trend. Pessimistic market sentiment has also impacted SHIB's market capitalization, which now stands at $9.18 billion, down 7.65% from the previous day. If this downtrend continues, SHIB could experience further slippage, possibly finding support near the $0.000014 level.

PEPE, WIF and BONK forecast double-digit losses

Other meme coins are no better. #pepecoin🐸 , known for its popularity of viral memes, has fallen 13.14% in the last 24 hours, bringing its price down to $0.000009387. The token has been steadily declining, reflecting the general sentiment in the meme coin sector. PEPE's market capitalization also took a hit, coming in at approximately $3.94 billion.

Similar #dogwifhat did not escape the recession. The value of the token fell by 12.05%, stopping at $1.78. This decline was a hard pill to swallow for investors who had high hopes for WIF. With nearly 999 million tokens in circulation, the outlook for WIF remains bleak unless market conditions improve significantly.

Meanwhile, #BONK , a meme coin built on the Solana blockchain, was also affected. Its price has fallen by 10.67% over the past 24 hours and now stands at $0.00002196. Despite a brief resurgence, BONK was unable to maintain its upward momentum, joining a wave of meme coins experiencing double-digit losses. Moreover, BONK's market capitalization was approximately $1.5 billion at the time of this publication, and trading volumes indicated a strong sell-off.