 ▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) / ChatGPT-generated image |
As Bitcoin (BTC) plunged below the key psychological support level of $70,000, major meme coins including Dogecoin (DOGE) have also suffered sharp declines, leading to a rapid deterioration in investor sentiment.
According to a March 8 report by cryptocurrency media outlet CoinGape, Bitcoin fell below $70,000 amid mounting macroeconomic uncertainty and geopolitical tensions. Bitcoin’s breakdown has dealt an immediate blow to the highly volatile meme coin market. In particular, Dogecoin, Shiba Inu (SHIB), and Pepe (PEPE) have seen their major support levels collapse in succession, accelerating their losses.
Dogecoin has slipped below the psychologically significant $0.10 level amid overall market weakness, signaling a precarious trend. The token is currently trading around $0.09253 and has failed to achieve a short-term trend reversal. CoinGape financial analyst Crispus noted that Dogecoin must reclaim and hold above the $0.10 level to escape its long-term downtrend. If the current downward pressure persists and the $0.09 support level breaks, further price correction is likely unavoidable.
Shiba Inu is also facing strong selling pressure, putting its price structure maintained over several months at risk of collapse. Unable to withstand the prolonged downtrend, SHIB has fallen to around $0.0000055 and has entered a phase of searching for a bottom. Technically, Shiba Inu remains below key moving averages, indicating a clear lack of rebound momentum. Analysts warn that if SHIB fails to defend the historical support level at $0.0000050, capitulation selling by investors could intensify the downturn.
Pepe has extended its losses after experiencing strong rejection at the $0.0000071 resistance level. It is currently testing its previous support at $0.00000634. If this level breaks, the token could retreat further to around $0.00000575. The sharp decline in trading volume across the meme coin sector, reflecting growing risk aversion among investors, is also seen as a factor limiting Pepe’s recovery.
Bitcoin’s drop below $70,000 goes beyond a simple price correction, accompanying a contraction in overall market liquidity and widespread leverage liquidations. Given their sensitivity to Bitcoin’s movements, meme coins are likely to remain exposed to heightened volatility for the time being. Market participants are closely watching whether Bitcoin can swiftly reclaim the $70,000 level and restore broader market stability while formulating cautious response strategies.
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