Bitcoin is flashing red during the early Asian trading session on Thursday, and memecoins, which were the biggest gainers in the recent recovery are also dropping along with the rest of the crypto market.
The global crypto market capitalization is also flashing red, down 4.39% over the last 24 hours to rest at $2.16 trillion.
After an amazing performance in part of last week, the memecoins has been bleeding over the last day, posting double-digit losses, against BTC’s 4.35% slump to $58,153..
At the time of writing, tokens in this sector were on a freefall as the big crypto exchanged hands at $58,200.
Top memecoins performance. Source: CoinMarketCap
Ethereum-based Pepe (PEPE) has recorded the most losses, falling by 12.78% over the last 24 hours and 23% over the last seven days. It is now priced at $0.009505, according to data from CoinMarketCap.
The token ignited to fresh peaks on May 27 riding on the back of spot Ethereum ETF approvals. Despite the recent correction, it’s still up approximately 700% over the last six months.
Other battered memecoins are Dogwifhat (WIF) and Floki (FLOKI), which fell by over 12% over the last 24 hours. These tokens are also bleeding on the longer timeframes, down 12% and 9%, respectively, over the past 7 days.
Brett (BRETT)—the biggest BASE-based memecoin— managed to avoid much of the pain over the week. BRETT is featured among the biggest losers among the top-cap memecoins, falling more than 10.9% over the last 24 hours to exchange hands at $0.1345.
Within the top 10 coins and tokens, the two biggest memecoins fell harder than Bitcoin. Shiba Inu (SHIB), the 13th-biggest digital asset by market capitalization, dropped significantly after popping to its highest price since 2021 a few months ago. It has recovered lost more than 8% of its value over the last 24 hours and is currently trading at $0.0000155.
Its rival, Dogecoin (DOGE), also dropped hard and lost over 29% of its value over the last 30 days. The dog-themed token is dropping, as shown in the daily chart below. If the support at $0.11 breaks, DOGE could drop from the current levels first to the $0.10 psychological level and later to the support floor at $0.08352.
TradingView chart: DOGE/USD
The RSI has dropped from 42 to 31 over the last 48 hours, suggesting that the bears are in full control of the price.
On the upside, a daily above below $0.120 would see the price rise first toward the resistance at $0.140 and later to the range high at $0.17533.
