Meme Coins Struggle to Keep Pace as Bitcoin Hits New ATH, DOGE and SHIB Show Weak Adjustment

Bitcoin hit a new all-time high of $107,487 yesterday. However, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) failed to follow suit. This leaves investors wondering what to do next.

Bitcoin hit a new all-time high of $107,487 yesterday, but meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) failed to follow suit, leaving investors speculating on their next move.

Meme Coins Show Weakness

Dogecoin, the biggest meme coin by market capitalization, is currently trading at $0.3869, showing a 4.1% loss in the last 24 hours and reducing its monthly gain to a modest 3.1%.

According to analyst Diana Fuman, Dogecoin is showing weak adjustment at its current price, with the Stochastic RSI indicating an oversold status. Fuman suggests that recovery may be possible if the price holds above $0.38 in the short term, but the overall trend is showing weakness and directional neutrality.

Shiba Inu, on the other hand, has dropped 5.0% in the last 24 hours, bringing its price down to $0.00002592. Analyst Natalie Dormer notes that if SHIB’s trend curve breaks, its price could drop to $0.000022, extending the ongoing pullback phase.

However, key resistance levels are identified at $0.00004 and $0.0000665 in case of a bullish rebound, with a long-term target of $0.00045 if the coin stabilizes and gains traction.

Pepe is also facing challenges, with a 7.7% decline in the last 24 hours and a 7.8% loss over the past week. Analyst Rose highlights that the daily chart indicates a possible correction toward the support zone at $0.00002009, which could present a buying opportunity if the price rebounds.

Expected upside targets for Pepe are $0.00002774 and $0.00004251, while a stop-loss is advised below $0.00001500 if the ongoing downturn worsens.

FLOKI has also underperformed, falling by 4.9% in the last 24 hours to trade at $0.0002185. In the last 30 days, FLOKI has recorded a 16.0% loss, indicating a challenging period for the token.

Mid-Ranking Coins Also Drop

While top-tier meme coins are struggling, mid-ranking assets in the category have not fared much better. Notcoin has dropped 6.0% in the last 24 hours and is down 24.4% over the past month.

Meanwhile, Turbo experienced a 6.7% loss in the past day but has managed an 11.5% gain over the past month. Pudgy Penguins (PENGU) has suffered the heaviest losses, plunging 51.4% in the last 24 hours alone.

Bitcoin’s Impact on Meme Coins

As Bitcoin continues its ascent, meme coins are charting a divergent path, marked by uncertainty. However, as observed historically, meme coins and alternative cryptocurrencies often stage their best performance after Bitcoin’s bull momentum has lost steam.

Bitcoin is currently trading at $104,268, down 2.5% in the past 24 hours but up 13.5% over the last month.

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