Dogecoin, SHIB, SPX6900 plunge as meme coins bleed in latest crypto crash

Dogecoin price and Shiba Inu price have fallen sharply, dragging other major meme coins like PEPE, SPX6900, and Floki into a broader decline. Generally, the memecoin market has taken a steep hit as bearish sentiment deepens across the crypto sector. Market-wide selloffs, whale movements, and weakening technical indicators have left traders questioning how deep this correction could go.

Dogecoin (DOGE) has been at the center of the ongoing downturn, losing its critical accumulation zone around $0.18 and testing support near $0.16. Analysts warn that staying below the $0.18 threshold could open the door to a potential drop toward $0.07 if bearish pressure persists. Notably, whale activity has intensified, with large holders offloading more than 1 billion DOGE in a single week.

But despite the slump, community optimism remains, as historical data shows that November has often been a turning point for Dogecoin. Analysts such as YazanXBT and EtherNasyonal highlight that Dogecoin's current consolidation between $0.17 and $0.19 mirrors earlier patterns that preceded major breakouts.

@YazanXBT: “November is historically a very good month for $DOGE, which ALWAYS coincides with an altseason. Keep an eye on Dogecoin.” (Tweeted: 2 Nov 2025)

If bulls manage to reclaim $0.1783, technical models suggest a potential move back toward the mid-$0.20s range. However, the futures open interest has declined, and weak volume alongside reduced institutional activity has limited any strong recovery momentum.

Shiba Inu (SHIB) has also faced heavy losses, dropping to around $0.0000089, its lowest point since January 2024. The meme coin is hovering above critical support between $0.0000075 and $0.0000080. Technical indicators show SHIB trading below its 50, 100, and 200-day moving averages, reflecting persistent selling pressure.

Oversold readings on the Relative Strength Index (RSI) suggest a potential rebound. Analysts point to the $0.000009055 area as a key accumulation zone where whales have historically intervened. Chart analyst Saraah87 predicts rebound targets between $0.0001115 and $0.00001220 if SHIB can sustain support and regain momentum.

However, weak on-chain activity on Shibarium — Shiba Inu's Layer-2 network — has failed to provide a meaningful catalyst. Without renewed whale buying or a surge in network participation, SHIB may remain stuck in its current downtrend.

While Dogecoin and Shiba Inu dominate headlines, other memecoins like SPX6900 (SPX), PEPE, Floki, Pudgy Penguins (PENGU), and PUMP have also faced sharp losses. SPX6900, for example, has dropped by over 20% in the past week as derivatives investors closed large positions, driving open interest lower and reinforcing a bearish outlook. Data from CoinGlass confirms that the short-dominated long/short ratio for SPX continues to weigh heavily on market sentiment.

Tokens like PEPE, Bonk, and Floki have slipped between 7% and 20% in just the past 24 hours, with others like PENGU and PUMP experiencing double-digit losses amid declining volume. MemeCore (M), meanwhile, remains relatively stable compared to its peers but still shows waning investor enthusiasm.

On a broader scale, the total memecoin market capitalization has fallen to around $53 billion, marking a 12.4% drop in just 24 hours. Analysts attribute the decline to factors such as whale selloffs, leveraged liquidations, and falling retail participation. However, some traders believe that the ongoing correction could set the stage for a new accumulation phase if broader crypto sentiment improves.

Until then, the memecoin market continues to bleed, testing the patience and resilience of traders who view these tokens as both cultural icons and high-risk opportunities in the volatile crypto arena.