The meme coin market has taken a drastic downturn as the broader crypto sector struggles this week. In the past seven days, market leaders Dogecoin (DOGE) and Shiba Inu (SHIB) are down 5.68% and 11.85%, respectively. However, speculators are optimistic about Sponge as its price remains up 8.05% this week and 192% this month.

Market pullback impacts meme coins

A broader market pullback following the spot Bitcoin ETF approvals has impacted meme coins, with investors cutting their positions amid apprehension of further downside.

Dogecoin has plunged 6.42% in the past day, 5.68% this week, and 16.94% this month. The downward movement was briefly interrupted on Jan. 21 following the announcement of X Payments, and a possible integration of DOGE.

However, Dogecoin’s uptick was short-lived, having retraced almost 15% since. Currently, Dogecoin is trading at $0.07737, with a $11 billion market cap and a $682 million trading volume.

DOGE is trading at a crucial resistance point, formed on a pullback after a notable pump starting in Q4 2023. 

This is the sixth time Dogecoin has tapped the support.

Analysts’ outlooks are mixed on whether Dogecoin will bounce or create new lows. TradingView analyst SwallowPremium suspects there will be a breakout to the downside, leading Dogecoin toward $0.05897.

However, Alfamooz disagrees, predicting Dogecoin to reach $0.15 in the coming weeks.

Moving to Shiba Inu, the token has seen a similar trajectory, falling 6.22% in the last 24 hours, 10.97% this week, and 19.89% this month.

It is trading at $0.000008635 with a $5 billion market cap and a $155 million 24-hour trading volume.

However, SHIB remains in a bearish run.

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