- Meme coin prices crashed significantly in the past month.
- The meme coins market crashed nearly 50% in the last 30 days.
- Shiba Inu slid into a notable support region amid the meme coins crash.
Meme coins have had a rough month. The crypto category’s total market value dropped almost 50% in about 30 days. However, crypto analysts are watching individual tokens to see which one can stem the bearish pressure and force a fortune reversal.
According to data from the crypto aggregation platform CoinmarketCap, the total meme coins market capitalization dropped from $96.23 billion on January 27, 2025, to $57.41 billion as of February 26, marking a month of steady decline and reflecting a 43.63% crash.
Dogecoin and Shiba Inu Hit Hard
Many top meme coins took big losses when the whole cryptocurrency market faced heavy selling pressure. Dogecoin (DOGE), the biggest meme coin, lost 55% of its value. It went from a $0.4343 yearly high in mid-January to $0.2145 on February 25.
Notably, the across-the-board decline in meme coins pushed Shiba Inu (SHIB), the second-largest after DOGE, toward important support. 1 SHIB’s price path has made analysts curious, especially after the price drop met resistance at a key support level and bounced.
Related: Shiba Inu Price Falters as Whale Transactions Plummet 79%
SHIB bounced off the $0.00001303 support on February 25 after several weeks of continuous decline. The recent bounce caught analysts’ attention because of the meme coin’s historical behavior around this price region.
TradingView’s data highlights the $0.00001303 region as SHIB’s notable support in 2024. The meme coin reversed around this region between August and September last year before embarking on a 160% rally.
Technical Analysis Points to Critical Moment
From a technical analysis point of view, SHIB’s current price level is critical and could determine the next phase of the meme coin’s price development.
Related: Dogecoin Price Prediction for Feb. 25: Falling Wedge, Rising Hopes?
Going through the SHIB/USD weekly chart shows the cryptocurrency could break below support and continue downward or find a pivot in a reversal mode to maintain the price range from the middle of March 2024.
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