- Dogecoin dropped by 8.3% to $0.17372, breaking key support as RSI nears oversold and MACD indicates strong bearish momentum.
- Shiba Inu nears lower Bollinger Band at $0.00001150; bearish trend persists unless mid-band at $0.00001310 is reclaimed.
- PEPE dropped by 13.65% as whales offloaded trillions; volume spike and whale exits emphasize bearish pressure.
Meme coins tumbled sharply on June 13 as geopolitical tensions in the Middle East escalated following a major Israeli military operation. According to Reuters, Israeli forces struck several important Iranian targets, including uranium facilities in Natanz and missile production sites.
This operation, dubbed “Rising Lion,” caused widespread panic across financial markets, including digital assets. Iran responded by declaring it would deliver a harsh response, and reports confirmed civilian casualties and the death of General Hossein Salami.
Following the news, the total crypto market capitalization declined by 7% to $3.3 trillion. Meme coins were not exempted from this, with Dogecoin, Shiba Inu, and PEPE each recording double-digit daily losses.
This wave of panic led to a broader market exit, with risk-off sentiment increasing across major crypto tokens. Trading volumes surged while prices broke critical support zones. Meme coins saw a nearly a 10% drop in market cap within 24 hours, indicating growing market uncertainty and weak investor sentiment.
Dogecoin Falls Below Key Support as Volume Spikes
Dogecoin (DOGE) dropped by 8.30% to trade at $0.17372 as of writing. It opened at $0.18111 and dipped to a low of $0.16987. Although volume surged to 940.78 million DOGE, the inflows leaned heavily toward selling pressure. DOGE’s broader trend has remained negative after failing to reclaim levels above $0.25.
Technical indicators show this weakness. The RSI 14 is at 37.53, nearing oversold levels but still showing bearish momentum. The MACD has made a clear bearish crossover, with the histogram at -0.00707 supporting the downward move.
DOGE now faces immediate support at the $0.169–$0.170 level. A break below this could open downside toward $0.150. On the upside, resistance levels are at $0.19 and $0.22. Unless buyers defend the $0.17 mark, the asset risks revisiting its April lows.
Shiba Inu Approaches Oversold Levels
Shiba Inu (SHIB) fell by 8.60%, reaching $0.000011705 with a daily range between $0.000011397 and $0.000012217. Since early May, SHIB has failed to hold the $0.000016 level, with price forming a consistent pattern of lower highs and lows.
The Bollinger Bands indicate SHIB is nearing its lower band at $0.000011502. While this proximity may hint at a short-term bounce, it does not confirm a trend reversal. Volume is steady at 223.98 billion SHIB, suggesting limited panic selling but continued bearish sentiment.
An elevated MVRV Z-score of 28.878 further complicates SHIB’s outlook. This level indicates potential overvaluation, raising concerns of more price correction or extended consolidation. Unless SHIB reclaims the mid-band at $0.000013105 with strong volume, the asset remains vulnerable.
PEPE Declines Sharply as Whales Exit Positions
PEPE had the steepest loss among meme coins, falling by 13.65% to $0.00001069. It had a high of $0.00001152 and dropped to $0.00001044. Onchain Lens data confirmed a whale deposited 1.6 trillion PEPE worth $18.1 million into Binance, realizing a $3.26 million loss.
Additional transfers on June 8 showed the same wallet depositing 1 trillion PEPE, indicating aggressive offloading. The whale initially held 2.209 trillion PEPE worth $27.68 million, now reduced to 600 billion tokens worth $6.39 million. The Accumulation/Distribution Line continues to fall, confirming net outflows.
The Stochastic RSI is moving lower from 59.54, suggesting increasing downside momentum. Volume is at 20.61 trillion tokens, validating the strength of the selloff. PEPE now faces strong bearish pressure unless price recovers above $0.00001200.
Potential Scenarios for DOGE, SHIB, and PEPE Prices
If Dogecoin holds the $0.17 support, a relief rally could push prices toward $0.185 or $0.19. Below $0.169, it risks falling to $0.150. Shiba Inu may bounce to $0.00001260 if oversold conditions attract buyers, but drops could lead to $0.00001080. For PEPE, reclaiming $0.00001200 could resume bullish momentum. Otherwise, prices may drop to the $0.00000950 zone.
Geopolitical Risks Deepen Market Losses
Rising tensions between Israel and Iran have increased selling across the memecoin market. DOGE, SHIB, and PEPE each suffered heavy losses, with investors reacting to risk and volatility.
High volume, falling support levels, and whale exits further intensified the sell-off. Although minor bounces remain possible, technical indicators point to continued caution until key price levels are reclaimed and the tensions cool off.
