Dogecoin price and Shiba Inu price have fallen sharply, dragging other major meme coins like PEPE, SPX6900, and Floki into a broader decline.
Generally, the memecoin market has taken a steep hit as bearish sentiment deepens across the crypto sector.
Market-wide selloffs, whale movements, and weakening technical indicators have left traders questioning how deep this correction could go.
Dogecoin price struggles below key support
Dogecoin (DOGE) has been at the centre of the ongoing downturn, losing its critical accumulation zone around $0.18 and testing support near $0.16.
Analysts warn that staying below the $0.18 threshold could open the door to a potential drop toward $0.07 if bearish pressure persists.
Notably, whale activity has intensified, with large holders offloading more than one billion DOGE in a week.
Over 1 billion Dogecoin $DOGE sold by whales in the past week!
But despite the slump, community optimism remains, with historical data showing that November has often been a turning point for Dogecoin, with rallies recorded during several previous bull cycles.
Analysts such as YazanXBT and EtherNasyonal highlight that Dogecoin’s current consolidation between $0.17 and $0.19 mirrors earlier patterns that preceded major breakouts.
Heads up
November is historically a very good month for $DOGE which ALWAYS coincides with an altseason.
Keep an eye on Dogecoin.
If bulls manage to reclaim $0.1783, technical models suggest a possible move back toward the mid-$0.20s range.
But the short-term picture remains uncertain, seeing that the futures open interest has declined.
Also, while some investors view the pullback as a buying opportunity, weak volume and reduced institutional activity have limited recovery momentum.
Shiba Inu tests lowest level since January
Shiba Inu (SHIB) has also suffered a heavy blow, dropping to around $0.0000089 — its lowest point since January 2024.
The meme coin now hovers precariously above critical support between $0.0000075 and $0.0000080.
Technical charts show SHIB trading below its 50, 100, and 200-day moving averages, confirming persistent selling pressure.
Oversold readings on the Relative Strength Index (RSI) suggest that the token may be due for a rebound.
Analysts point to the $0.000009055 area as a key accumulation zone where whales have historically stepped in.
Chart analyst Saraah87 highlights rebound targets between $0.0001115 and $0.00001220 if the coin can sustain support and regain momentum.
However, weak on-chain activity on Shibarium, Shiba Inu’s Layer-2 network, has failed to deliver a meaningful catalyst.
Without renewed buying from whales or a surge in network participation, SHIB may remain trapped in its current downtrend.
SPX6900 and other memecoins in deep red
While Dogecoin (DOGE) and Shiba Inu (SHIB) lead headlines, other memecoins like SPX6900 (SPX), PEPE, Floki, Official Trump, Pudgy Penguins (PENGU), Bonk, PUMP, Pump.fun, and MemeCore have all faced steep declines.
SPX6900, for instance, has dropped by more than 20% in the past week as derivatives investors closed large positions, driving open interest lower and reinforcing a bearish outlook.
Data from CoinGlass shows that the short-dominated long/short ratio for SPX is weighing heavily on sentiment, even as spot investors attempt to “buy the dip.”
Despite some accumulation activity worth over $1 million, analysts warn that the token could test support near $0.50 if selling continues.
PEPE, Bonk, and Floki have all slipped between 7% and 20% in the past 24 hours, while PENGU and PUMP have seen double-digit losses amid declining volume.
MemeCore (M) remains relatively stable compared to its peers but still shows signs of waning investor enthusiasm.
On a border angle, the total meme coin market capitalisation has fallen to around $53 billion, marking a 12.4% drop in just 24 hours.
Analysts attribute the decline to a mix of whale selloffs, leveraged liquidations, and falling retail participation.
But despite these headwinds, some traders believe that the current correction could pave the way for a new accumulation phase — especially if broader crypto sentiment improves.
Until then, the memecoin market continues to bleed, testing the resilience of traders who have long viewed these tokens as both cultural icons and high-risk opportunities in the volatile world of crypto.
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