Meme Coin Market Declines with Decreases in Dogecoin, Shiba Inu, and Pepe Values

Meme Coin Market Decline: The meme coin sector has experienced a significant downturn, with market capitalization dropping over 5% in one day, affecting major tokens like Dogecoin, Shiba Inu, and Pepe.

Open Interest Reduction: Open interest in derivatives for these meme coins has decreased, indicating that traders are closing positions and showing reduced speculative activity, particularly with Dogecoin and Pepe seeing notable declines.

Dogecoin's Potential Breakout: Despite recent losses, Dogecoin is nearing a breakout zone as it forms a symmetrical triangle pattern, with analysts suggesting a potential upward movement if it can reclaim certain price levels.

Struggles of Shiba Inu and Pepe: Both Shiba Inu and Pepe are facing selling pressure, with Shiba testing critical support levels and Pepe experiencing a series of lower highs, indicating bearish momentum in the market.