Memecoins $SHIB and $PEPE have shown weak performance over the past 24 hours, reflecting a cautious, risk-off sentiment in the broader crypto market.
$SHIB : Volatility and Breached Support
SHIB experienced notable price swings, peaking at 0.00001336 before falling to 0.00001297, marking a 2.96% range. Key support at 0.00001310—which emerged with high trading volume—was breached just before press time, indicating bearish pressure.
The breakdown also coincided with a 140% surge in SHIB's burn rate, removing 39.49 million tokens from circulation. Meanwhile, open interest in SHIB derivatives rose 2.03% to 11.36 trillion SHIB (≈$158.65 million), with Gate.io leading at 54.18% of the total.
Technical Highlights:
Price formed a descending channel from the June 3 peak at 15:00, with resistance at 0.00001320 repeatedly tested and rejected.
Strong support was seen at 0.00001310 during the 01:00 hour on June 4, with volume surging to 573B—double the 24-hour average of 276B—before breaking down.
A major volume spike at 08:02 saw 14.9B SHIB traded, nearly triple the hourly average, signaling strong but short-lived buying interest.
$PEPE: Rejected at 200-Day SMA
PEPE rallied from its May 31 lows but faced rejection near its 200-day SMA, with market cap pulling back to $5.2 billion. This level has acted as a strong resistance, halting further upside.
Looking ahead, a re-test of the 50-day SMA support at $4.64 billion is possible if selling pressure continues. However, the 50-day SMA recently crossed above the 100-day SMA, suggesting broader bullish momentum may be building. Any dips from here could be short-lived if bulls maintain control.