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The cryptocurrency market‘s prominent memecoins, Pepe (PEPE) and Shiba Inu (SHIB), have experienced significant declines in the past two months. Pepe’s price has dropped 70% from its December 2024 peak, while technical indicators suggest further short-term losses. In contrast, Shiba Inu lost 21% in value over the past week, although some experts highlight its long-term growth potential.
Pepe Coin Faces Major Support Challenges
Pepe Coin has seen a decline from $0.00002837 in December to $0.00007950. The formation of a “head and shoulders” pattern on the daily chart and the risk of a “death cross” between the 50-day and 200-day moving averages strengthen the downtrend. These technical signals suggest that the memecoin could fall to $0.000050.
Staying below Fibonacci retracement levels and losing support from the Murrey Math Lines is amplifying selling pressure. However, spot market data shows a rise in investor participation and daily trading volume surpassing Shiba Inu, offering some hope. Open position data indicates a decline in risk appetite among traders.
Demand for Solana 
$146-based memecoins negatively impacts Pepe, which is positioned within the Ethereum 
$1,808 ecosystem. The rise of projects like Trump, Bonk, and Gigachad has made it difficult for Pepe to attract investors.
Shiba Inu Tests Critical Support Zone
Shiba Inu is attempting to maintain the $0.000015 – $0.000016 support zone. This range coincides with the Fibonacci 0.618 – 0.786 retracement levels. Analysts warn that losing this level could accelerate selling. However, according to the Elliott Wave Theory, the continuation of Macro Wave 3 keeps the long-term bullish scenario alive.
Data from IntoTheBlock reveals that large investors (whales) are reducing their positions, while medium-sized investors are increasing their purchases. Indeed, in the past week, the number of new wallets decreased by 34%, and active addresses fell by 21%. On-chain data confirms a decline in individual investor interest.
For SHIB to reach its all-time high, an increase of 83.5% is necessary. Short-term technical analysis strengthens recovery chances if the price surpasses $0.00001465.
