Dogecoin (DOGE) was hit hard in early August, dropping nearly 5% within 24 hours and extending a 12% decline over the past week. Massive sell-offs caused Dogecoin to fall below the support level of $0.205, triggering a surge in trading volume—daily volume peaked at nearly 878 million tokens. Such high trading volume indicates that institutional investor withdrawals and broader market risk-off sentiment are at play.
Historically, August has not been friendly to Dogecoin (DOGE). Its average monthly return has been negative for three consecutive years. This time is no exception, with some analysts warning that unless Dogecoin quickly rebounds to key levels, it will further decline towards $0.185. As bearish sentiment persists, attention is turning to other popular meme coins like XRP and SHIBA INU, which are also showing similar vulnerabilities.
XRP struggles to maintain above $3.00
Ripple's flagship token XRP benefits from regulatory clarity, maintaining its lead in 2025, but recent price movements indicate that trouble may be brewing. After rebounding from a low of $2.80, XRP is once again facing resistance at the $3.09 level, with support located below $2.91. Analysts point out that a large number of short positions, along with rapid transfers of over $50 million by whales, are contributing to market instability.
Market models suggest that XRP's movement in August could fluctuate between $2.94 and $3.39, but some investors are betting that if market conditions are favorable, XRP will break through $4.45. However, unless trading volume increases and institutional sentiment improves, the short-term outlook remains unclear. A drop below $2.91 could trigger a series of sell-offs.
Despite SHIB suffering losses, it continues to face ongoing selling pressure.
Shiba Inu (SHIB) also faces pressure. The token is currently hovering around $0.0000122, having dropped more than 35% year-to-date, and nearly 8% in just the past day. Despite recent destruction of over 600 million tokens, sellers remain dominant. The bearish trend has persisted for months.
Technical charts bring some hope: if SHIB can break through the resistance level of $0.000013, it could rise by 24% to $0.000015. However, with cryptocurrency-related stocks declining and speculative capital retreating, traders remain cautious. Most analyst models predict that SHIB will weaken further before any meaningful rise occurs.
Conclusion: Whales are repositioning, and market uncertainty is intensifying.
The meme coin market is at a crossroads. Dogecoin (DOGE) prices are falling, Ripple (XRP) is poised for movement, and SHIB maintains a bearish momentum. Although short-term pain continues, long-term opportunities are quietly shifting towards newer, more resilient ecosystems.
