Shiba

Ethereum

Dogecoin

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-losses-hit-meme-tokens-like-dogecoin-and-shiba-inu/" data-wpel-link="internal">Significant Losses Hit Meme Tokens Like Dogecoin and Shiba Inu</a><br></p>
<p style="text-align: justify">Dogecoin (DOGE) and <strong>Shiba Inu (SHIB)</strong> have suffered significant losses. These declines have surpassed the drops of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), indicating a possible shift in investor sentiment in this unpredictable market segment.</p> 
<h2 id="decline-in-meme-tokens">Decline in Meme Tokens</h2> 
<p style="text-align: justify">The overall market value of meme tokens has reflected a 6.47% drop, falling to $50.6 billion. This decline is much more pronounced than Bitcoin’s 2.79% drop to the $62,000 level. Ethereum also recorded a loss, falling below $3,000 with a 3.5% decrease.</p> 
<p style="text-align: justify">Leading <a href="https://en.coin-turk.com/solana-based-meme-token-dogwifhat-surges-in-value/" data-wpel-link="internal">meme token</a> Dogecoin experienced a 7.06% drop. Shiba Inu closely followed with a 5.39% decline. Other meme tokens faced even larger losses. For instance, Dogwifhat (WIF) dropped by 11.95% while Pepe (PEPE) recorded a 7.62% decline, indicating a broad retreat in these tokens. Some technical indicators, despite the downturn, point to potential recovery spots for these volatile tokens. Dogecoin appears to have found support at $0.1455.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-349125 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/doge.jpg" alt="" width="852" height="468"></p> 
<h2 id="expectation-of-a-53-increase-in-dogecoin">Expectation of a 53% Increase in Dogecoin</h2> 
<p style="text-align: justify">If it recovers from the mentioned level and approaches the $0.1650 resistance, an inverse head and shoulders pattern could emerge. This pattern indicates a potential increase of over 53% from the current <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market price</a>. However, a drop below the support level could invalidate this bullish outlook. Meanwhile, Shiba Inu is consolidating between $0.00002818 and $0.00002071. A breakout or further decline from this range could significantly affect future price directions.</p> 
<p style="text-align: justify">As the market undergoes these changes, the sharp declines in meme token valuations highlight the associated risks and volatility of cryptocurrencies. Unlike more established cryptocurrencies, meme tokens are particularly sensitive to changes in market dynamics and social media influence. The mentioned retreat could reflect a broader reassessment of risk by investors, particularly in volatile <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market conditions</a>. While meme tokens can offer significant returns, the current market scenario underscores the necessity for cautious <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investment strategies</a>.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/significant-losses-hit-meme-tokens-like-dogecoin-and-shiba-inu/" data-wpel-link="internal">Significant Losses Hit Meme Tokens Like Dogecoin and Shiba Inu</a></h5>

Significant Losses Hit Meme Tokens Like Dogecoin and Shiba Inu

Table of Contents

COINTURK NEWS

Other articles published on May 8, 2024

Bitcoin (BTC) Accumulation by Whales Signals Potential Bull Run: A Deep Dive into Crypto Market T...

US Stock Market Performance Overview: Key Insights from Wednesday’s Trading, 5/8/2024

Hong Kong Targets Fake Crypto Exchange Linked to Elon Musk

Base Surges Ahead in ETH's Layer2 Market with Over 6,500 ETH Deposited in a Week

FTX Continues Selling Locked Solana Tokens

Bitcoin (BTC) ETFs Gain Momentum as Blackrock Predicts Influx from Sovereign Wealth Funds and Pen...

Join our free newsletter for daily crypto updates!