Dogecoin News Today: Meme Coins Slide 22 as Traders Watch for Recovery Signals

Dogecoin (DOGE) and Shiba Inu (SHIB) have declined by approximately 22% over the past month, with DOGE trading at $0.2147 and SHIB at $0.00001232, according to recent data. Pepe (PEPE) has also seen a 15.9% drop, underscoring a broader bearish trend among meme and community-driven tokens [1]. Despite these declines, traders are observing potential accumulation patterns and technical signals that suggest the possibility of a recovery.

Crypto trader Zeinab has noted a rounding bottom pattern forming on Dogecoin’s price chart, a setup historically associated with bullish reversals. A breakout above $0.29 could potentially trigger a move similar to the $0.18 to $0.49 rally seen earlier in the year. Additionally, the converging triangle pattern suggests a near-term breakout, with some traders speculating a price target of $0.80 by the end of the fourth quarter [1].

Another trader, Galaxy, emphasized the cyclical nature of Dogecoin, pointing out that the token is currently in an accumulation phase. This pattern is typically followed by a period of increased market attention and speculative buying, which could drive the price higher [1].

Osemka highlighted that Dogecoin has been forming higher highs and lows in 2025, but it remains capped near the $0.25–$0.26 supply zone. A recent pullback into a key demand zone, combined with rising trading volume, could support a continuation of the bullish trend if support levels hold [1].

On the Shiba Inu front, Crypto Sheriff noted that the token’s extended consolidation phase may be setting up for a powerful breakout. SHIB has shown the potential to replicate its past explosive moves, especially if market sentiment improves [1].

Shibburn data showed a significant increase in SHIB’s burn rate, with a 548.7% surge in 24 hours, resulting in the destruction of 1.45 million tokens. Shibarium transactions have declined from 4.69 million to 3.4 million, but new account creation spiked, with 695 new addresses added on August 20, compared to just 64 the previous day [1]. This suggests continued interest despite the price decline.

Bitinfocharts reported growing wallet activity for Dogecoin, with both small and large holders increasing their exposure. This trend aligns with broader investor anticipation surrounding the potential approval of a DOGE ETF, which could provide a catalyst for renewed buying interest [1].

The market remains cautious but watchful as traders analyze accumulation patterns, technical indicators, and regulatory developments that could influence the next phase of price action for both Dogecoin and Shiba Inu [1].

Source: [1] Dogecoin, Shiba Inu Drop 22% In A Month: What Is Going On? (https://finance.yahoo.com/news/dogecoin-shiba-inu-drop-22-133526150.html)