The price of Bitcoin failed to surpass $28,300 as it approached the weekly close, settling at $27,800 at the time of writing. Despite multiple tests of the resistance level, bulls were disappointed due to short-term profit-taking and concerns about the Federal Reserve tightening its policies. So, what is the current situation for meme coins?
Before PEPE Coin emerged, DOGE, SHIB, and FLOKI were the popular meme coins. FLOKI Coin, listed simultaneously with PEPE on Binance, has remained in the shadows this year. The market value of meme coins has significantly decreased, with a cumulative value of $14 billion and a daily volume dropping to $287 million.
Considering the total cumulative volume of all cryptocurrencies is $17 billion, the ongoing disinterest is normal, especially for useless meme coins.
With a market value of $8.6 billion and a trading volume of $92 million, DOGE maintains its dominance. Its closest competitor, Shiba Coin, has a market value of $4.2 billion. FLOKI, ranked fourth after PEPE and BONE Token, is preparing for a 5% weekly loss with a market value of $168 million.
The critical zone for DOGE is $0.06, and it is currently protected by increased demand in futures trading. DOGE has tested this critical support level on June 10th and August 17th and has managed to hold it. However, closings below $0.055 and $0.05 could lead to further declines.
Although the possibility of a decline seems dominant due to BTC’s lackluster performance, DOGE price could target $0.076 with closings above $0.065.
After its listing on Binance, FLOKI Coin experienced a steady decline. It recently hit a local low at $0.00001525 in September. Currently, further gains are possible with closings above $0.00001611. Confirmation of support at $0.000018 could pave the way for retesting the peak at $0.00002.
Throughout the past month, SHIB price fluctuated between $0.0000077 and $0.000007. The narrow range reflects the ongoing lack of interest. This lack of demand is also evident in the price of DOGE.
The downward trend in Shiba Inu coin’s price can be tracked with the formation of a descending wedge. The weekly chart shows two converging trend lines that serve as dynamic resistance and support levels.
If the negative sentiment in BTC triggers a significant selling wave, the price could decline to $0.000005.