Memecoins Dogecoin, Shiba Inu, and Pepe Coin Plunge 78%, 87%, and 64% from Peaks

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) were once the dominant forces in the memecoin market, frequently making headlines and delivering impressive performance. However, the influx of new memecoins has led to a shift in the market dynamics, and these once-dominant coins have faced significant challenges.

Dogecoin, often referred to as the king of memecoins, pioneered the trend of meme cryptocurrencies and gained endorsement from influential figures such as Elon Musk and Snoop Dogg. Shiba Inu, inspired by Dogecoin, also garnered substantial attention and delivered hefty gains for early investors. Pepe Coin, known for its extraordinary performance and dedicated fanbase, was another standout in the memecoin landscape.

However, recent performance has been less than stellar. Dogecoin hit its all-time high of $0.7376 four years ago on May 8, 2021, and is currently down by over 78% from that peak. Shiba Inu reached an all-time high of $0.00001271 during the 2021 bull run and is now 87% down from its high. Pepe Coin, which hit an all-time high of $0.00002825 about six months ago, is down by 64% from its peak price.

Technical analysis reveals a bearish trend for Dogecoin, with the price trading below the 50-day and 200-day exponential moving average (EMA) levels. The Relative Strength Index (RSI) is at 34.51, below the 14 SMA line, indicating bearishness. The price is currently at $0.2095, a significant drop from the highs of more than $0.48 in December 2024. The technical arrangement shows a descending falling pattern, with the price testing the horizontal support of around $0.14-$0.16 and limited by a falling trendline resistance. The RSI is in a bearish zone, showing that it is oversold but not yet in a strong divergence, which means there is still more room to fall. The recent failure to break the resistance zone of $0.20-$0.18 shows that selling pressure is still present. The important support to monitor is the critical one at $0.14, where a break may fasten the fall to $0.10. To turn the momentum, DOGE must regain the $0.25 mark and move above the downward trendline in any recovery.

Shiba Inu is trading at $0.00001142 and is on a downward trend, having been rejected at higher resistance levels. The technical chart shows a definitive bearish trend where the price action keeps falling since the December 2024 high of about $0.000033. The 200-day and 50-day exponential moving averages are the dynamic resistance, and the token is struggling below the key support levels. The RSI value of 34.65 is oversold, which implies that a short-term rebound could be seen in the Shiba Inu price. The short-term support is at the level of $0.000010, and the resistance is at $0.000012 and $0.000015. If SHIB gets the buyers’ support, it could recover to the $0.00001269 mark. The larger technical framework is, however, weak, and any lasting recovery above current resistance levels will need a huge influx of volume and a change in market sentiment.

Pepe Coin's daily trading chart shows a strong downtrend after a December 2024 major rally. After touching $0.00000522, PEPE showed a remarkable rebound, touching a high of $0.00001549. However, buyers are unable to maintain the positive momentum, and the price halted below the 50-day and 200-day EMA levels. At the time of writing, PEPE price is trading at $0.00000999, and the price is falling consistently. The next support for the Pepe price is at $0.00000760 and $00000522. Moreover, the 50-day EMA and 200-day EMA levels are about to form a bearish cross, which showcases more bearishness. The RSI is heading in the downward direction currently at 39.57 below the 14 SMA line, showcasing overbought conditions. If the price breaks the $0.00000760 level, investors may witness further downside.

Despite the bearish charts and oversold indicators, these memecoins are not mere tokens but movements with armies of believers who have weathered storms. Some analysts predict that these memecoins will sign in the next Altcoin Season and it is the correct time to grab them. However, right now technicals are saying a different story. Whether these memecoins will make a comeback or not, only time will tell.