Bitcoin (BTC) Surpasses $64K: Analyzing the Ripple Effect on Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB)

• The memecoin market, led by DOGE, SHIB, and PEPE, has seen a significant decline.
• Technical analysis suggests further potential declines for the altcoin market.
• Despite the downturn, projections indicate a possible recovery for SHIB if the bulls prevail.

The memecoin market has experienced a notable downturn, with DOGE, SHIB, and PEPE leading the decline. Despite the bearish trend, there are projections of a potential recovery for SHIB.

Significant Downturn in Memecoin Market

The cryptocurrency market has witnessed significant fluctuations recently, with meme coins experiencing a notable downturn. These whimsically themed cryptocurrencies, often inspired by internet memes and jokes, have seen a collective market cap reduction to $54.5 billion, a 3.3% decline just in the past day. Despite their typically volatile nature, the decline has been sharp and influenced primarily by major players such as Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE].