Meme Coins Show Resilience Amid Crypto Market Volatility
1min read On April 2, the cryptocurrency market experienced significant volatility, with most altcoins facing notable declines. Despite Bitcoin maintaining a position above $65,000, its rally showed signs of waning momentum, indicating broader market struggles to sustain recent gains. In contrast, meme coins such as DOGE, PEPE, and SHIB exhibited a mild rebound, bucking the overall downtrend.
Dogecoin (DOGE) demonstrated signs of recovery, with its price trading at $0.1712, reflecting a 0.76% increase. This price point is slightly above the key support level of $0.17, suggesting a potential shift in market sentiment. If the broader crypto market continues to improve, DOGE's price could move toward the $0.20 mark in the near term, with bullish momentum potentially pushing it higher to $0.30 by the end of April. Speculation surrounding a possible DOGE-related ETF has also fueled renewed interest in meme-based assets. A crypto analyst noted that Dogecoin is forming an inverse head and shoulders pattern, which, if confirmed, could signal a stronger upward movement.
Pepe Coin (PEPE) also showed signs of recovery, with its price at $0.000007342, reflecting a 2% dip over the past 24 hours. Technical indicators suggest a potential bullish trend. A crypto analyst highlighted a falling wedge pattern forming on the PEPE chart, indicating that a breakout could be imminent. The analyst identified price targets of $0.000017 and $0.000025, urging the market to closely monitor the movement.
Shiba Inu Coin (SHIB) held steady above the key support zone of $0.000012, offering stability despite the broader crypto market's downward trend. At the time of writing, SHIB was trading at $0.00001237, showing resilience. The burn rate for Shiba Inu jumped by 104,201.39% over the last 24 hours, with a total of 115,890,322 SHIB tokens removed from circulation. This increased volume and burn rate activity points to heightened interest in the SHIB ecosystem, as bulls seek a breakout despite the overall market weakness.
In conclusion, despite the broader market weakness, meme coins DOGE, PEPE, and SHIB showed resilience, with interest in meme coins slightly improving in an uncertain market. Meme coins demonstrated resilience despite broader altcoin weakness, with SHIB holding key support and showing rising volume and burn activity. DOGE, PEPE, and SHIB trended despite altcoin weakness, as these meme coins showed resilience while most altcoins faced strong selling pressure.
