The once high-flying meme-coins — Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) — are now showing serious signs of weakness. According to recent data, both retail traders and “whale” investors are pulling back, which is complicating any prospects for a meaningful rebound.
Declining Interest & Leveraged Positions
The appeal of meme-coins has always been tied to speculative momentum rather than intrinsic fundamentals. Now, that momentum is ebbing. The open interest (OI) in futures contracts for DOGE, SHIB and PEPE dropped by 2 %, 7 % and 8 % respectively in the past 24 hours—indicating traders are reducing leverage or exiting positions.
On-chain, large DOGE wallets (holding over 100 million DOGE) have barely moved since 1 Nov, while wallets holding between 100 million and 1 billion SHIB or PEPE are decreasing their holdings. This suggests that supply is building up in the open market, creating upward pressure on selling.
Technical Breakdown: Three Coins Under Stress
Dogecoin (DOGE): DOGE recently dropped below the key support level near USD 0.17816. If prices close decisively below this level, the next stop could be around USD 0.15704. Technically, a bearish “death-cross” is forming between the 100-day and 200-day EMAs, reinforcing the medium-term downtrend.
Shiba Inu (SHIB): SHIB has lost the psychological threshold of USD 0.00001000 and is under pressure to hold at USD 0.00000974. Failure to do so could open the door to USD 0.00000930 or even USD 0.00000874. Momentum indicators — such as MACD and RSI — are also signaling rising bearish pressure.
Pepe (PEPE): PEPE is particularly exposed. It fell about 5 % recently and is perilously close to breaking support around USD 0.00000620. A breach could see it drop further toward USD 0.00000525 or even USD 0.00000279. All the major EMAs (50, 100, 200) are sloping downward, confirming the strength of the bearish trend.
What’s Driving This Weakness?
There are three major forces at work here:
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Reduced speculative interest: When the hype fades, meme-coins often suffer disproportionately because their valuations are less tethered to fundamentals.
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Whale stagnation or exit: Large holders who once supported price floors appear inactive or offloading, which undermines confidence.
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Technical momentum shifting: As key support wells are broken and trend lines turn downwards, it increases the risk of further decline — sometimes accelerating as stop-losses cascade.
Potential Scenarios & Key Levels to Watch
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If DOGE, SHIB or PEPE manage to bounce from current support zones, we could see a short-term relief rally. For example, DOGE would need to overcome about USD 0.18884 to suggest bulls are stepping in.
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Conversely, if support gives way, the down-trend may accelerate. For PEPE especially, a clear break below USD 0.00000620 could send it into deeper drawdown territory.
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Investor sentiment remains a wildcard. If external factors (e.g., broader crypto recovery, new catalysts) emerge, they might reverse the tilt back toward risk-on behavior.
Takeaways for Investors
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Meme-coins are not immune to market shifts. When liquidity or enthusiasm dries up, they often lead the decline rather than hold up strong.
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Watching on-chain signals (whale activity) and futures/leverage metrics can provide early warning signs of stress.
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Technical support levels matter: breaches often trigger acceleration in down-trend; conversely, holding those levels might allow for stabilization.
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Always approach such highly speculative assets with caution. The potential upside can be large, but the risk of sharp loss is significant.
In conclusion: DOGE, SHIB and PEPE are entering a delicate phase. Without a pick-up in buying interest from both retail and large holders, and absent a strong technical recovery, they face heightened risk of deeper declines. Investors in these coins would do well to monitor both on-chain behaviour and key chart levels closely.
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