🔻 Meme Coin Meltdown — $PEPE & #Dogwifhat Extend Losses as Hype Fades

Meme coins fell 4.7% in 24 hours, while Bitcoin briefly reached $108,000 on Thursday. Pepe fell 7.5% while Fartcoin and Dogwifhat fell almost 10% in 24 hours.

The meme coin segment's gloomy forecast suggests traders are siding with Bitcoin, Ethereum (ETH), and Ripple (XRP), which held most of this week's gains.

Rising negative risks for Fartcoin

The price of Fartcoin is $0.96, down about 3% today. On the 12-hour chart, the 200-period Exponential Moving Average (EMA) at $0.99 caps meme coin's upside.

RSI is exhibiting symptoms of an upward reversal at 42, therefore a rebound is possible. A move over the 50 midline might signify bullish momentum and lead to rises beyond June 17's $1.25 barrier.

Pepe backfoot bulls

Pepe remains gloomy, down roughly 2% to $0.00000930. The meme currency has lost roughly 43% of its value since May, indicating a drop in PEPE interest.


PEPE futures contracts' Open Interest (OI) fell to $491 million, indicating little dealer activity, according to CoinGlass derivatives market data. Over the previous 24 hours, long position liquidations rose to $1.31 million, compared to $743,000 in short positions, suggesting sellers are ahead.

The 12-hour chart's death cross pattern, where the 50-period EMA crossed below the 200-period EMA, suggests the path of least resistance will continue lower. Support levels to consider are $0.00000750, last tested in early May, and $0.00000600, tested in April.

Dogwifhat maintains bear market

Intraday losses approached 5%, putting Dogwifhat at $0.75. CoinGlass data shows an 8.4% reduction in futures market Open Interest to $334 million, escalating its negative risks.

Since $WIF peaked at $1.39 in May, large liquidations have occurred, with $2 million lost in long holdings and $375,000 in short ones in the past 24 hours.

Traders are watching the middle border of the descending channel, the demand region at $0.60, tested on Sunday, and seller congestion at $0.51, previously tested as support in late May and early June.