Top meme coins DOGE, SHIB, PEPE and WIF extend losses as crypto market slump continues

DOGE has declined over 16% in the past week.
SHIB, PEPE, WIF have seen more than 20% losses in the weekly timeframe.
Beercoin continues downward spiral hours after suspected insider activity.

Michael Ebiekutan FXStreet

Top meme coins continued a second consecutive day of losses on Friday as the crypto market has yet to recover from the impact of the Federal Reserve's (Fed) rate decision.

DOGE, SHIB, PEPE and WIF bows into weekend

During periods of extended market gains, meme coins have proven to be among the largest gainers, as the March meme coin frenzy revealed. Consequently, these tokens also suffer sharp declines during market slumps, as their recent price performance reveals.

Dogecoin (DOGE) has witnessed over a 6% decrease on the day, extending its weekly losses to about 16%. DOGE is currently trading around $0.134. If the market decline persists, the $0.115 price level provides support based on on-chain data. According to data from IntoTheBlock, investors historically purchased 46 billion DOGE at an average price of $0.115, the meme coin's largest accumulation price zone. Hence, it could provide the needed cushion to prevent a further decline.

If DOGE begins trending upward, it could face resistance around the $0.16 price level, at which investors bought over 18 billion DOGE tokens.

DOGE Global In/Out of the Money

Shiba Inu (SHIB) has declined 8% in the past 24 hours and is now 20% down on the weekly timeframe.

Also read: Base meme coins bleed, with BRETT, BENJI, CHOMP, KEYCAT posting double-digit losses

The $0.000016 price level could prove a crucial support as it's the largest accumulation zone of SHIB, where investors acquired about 469 trillion SHIB tokens.

SHIB Global In/Out of the Money

PEPE is down more than 10% on the day, increasing its weekly losses by about 22%. PEPE's increased weekly losses can be traced to a $174 million spike in volume on June 11, potentially from sellers.

Solana-based dogwifhat (WIF) plunged 9% in the last 24 hours, extending its weekly loss to 20%.

Meanwhile, the recently launched Solana meme coin Beercoin continued its downward spiral, taking a 15% loss on Friday. BEER is now down 56% from its all-time high of $0.0005704, reached on June 10. The decline follows an X post from crypto analyst @WazzCrypto alleging that the team/insiders cashed out $15 million worth of BEER after its listing on crypto exchange Bybit.

The Solana shitcoin $BEER went down 80% a few days after listing on @Bybit_Official with insiders/team cashing out $15M+

The team/insiders controlled 50%+ of supply

One of the biggest and more ellaborate meme scams I've seen so far

here are the wallets that caused the dump pic.twitter.com/ngdtVs7T0F
— Wazz (@WazzCrypto) June 13, 2024

Lookonchain also reports that a BEER pre-sale participant cashed out a $1.3 million profit after selling 4.6 billion BEER tokens.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi