 ▲ Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) / ChatGPT-generated image |
Major meme coins are standing at a critical crossroads to defend key support levels as escalating geopolitical tensions in the Middle East coincide with Bitcoin’s downward trend.
According to a March 8 report by crypto media outlet CoinGape, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have posted sharp declines amid growing risk-off sentiment across the broader market, exposing them to the risk of further losses. As Bitcoin (BTC) has fallen below the $70,000 level, intensifying downward pressure, liquidity outflows from the meme coin market are accelerating.
Dogecoin is currently locked in a fierce battle around the key support level of $0.091. Technical analysis suggests that if DOGE fails to hold this range and closes below it on a daily basis, it could plunge vertically toward the next support at $0.080. The coin is trading below its 50-day and 100-day moving averages, indicating that the downtrend remains firmly intact. The Relative Strength Index (RSI) is hovering in the low 40s, signaling a greater likelihood of additional declines rather than a technical rebound.
The outlook for Shiba Inu is also not optimistic. SHIB fell 9.30% over the past 24 hours and is testing the key support level at $0.0000063. Although whale accumulation has been observed, it appears insufficient to offset selling pressure unless a supply shock—marked by a shortage of liquidity on exchanges—occurs. If the $0.0000063 support collapses, SHIB risks retreating to $0.00000592 or even revisiting its yearly lows.
Pepe has plunged more than 15% over the past week and is trading around $0.0000034. After breaking below the $0.0000035 support level, PEPE is searching for a new bottom, with analysts warning that prices could slide to $0.0000032 if selling pressure does not ease. The total market capitalization of meme coins shrank by 10.7% in a single day to $33.5 billion, underscoring severely weakened investor sentiment.
The trajectory of major meme coins hinges entirely on whether Bitcoin can stabilize. Experts warn that if Bitcoin fails to establish solid support around $66,000, panic selling in the meme coin market could intensify, leading to a painful correction that retests historic lows. Until geopolitical risks and macroeconomic uncertainties subside, a cautious approach is advised given the heightened volatility in the meme coin market.
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