Crypto Market Volatility Hits Meme Coins Amid Bitcoin Decline

The crypto market has been experiencing increased volatility following Bitcoin's drop below $70,000. This decline has triggered a selloff of meme coins, including Dogecoin and Shiba Inu.

Dogecoin has been particularly affected, with its price slipping to near $0.0904 after losing 2.87% in the last 24 hours. This drop is largely due to the failure of its earlier breakout attempt, which weakened bullish momentum.

A technical analysis shows that Dogecoin has returned to a symmetrical triangle pattern, indicating uncertainty and potential for further price fluctuations.

Shiba Inu has also been impacted by the market downturn, with its price falling 2.05% in the last 24 hours. However, it did record a significant increase in token burn activity, with over 3.8 million SHIB tokens being removed from circulation. This could potentially support long-term price strength, but for now, the token remains under pressure.