Meme coins retreat Dogecoin, Shiba Inu, Pepe slide

The meme coin trade is back in the spotlight—but not for the reason most holders hoped. Over the past few sessions, we’ve seen meme coins retreat, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) absorbing renewed bearish pressure after a brisk run-up across digital assets. The pullback is unfolding against a market-wide cooldown: after touching fresh highs earlier this week, Bitcoin eased, and altcoins followed —a classic pattern when risk appetite thins and the dollar strengthens.

Zooming in, Dogecoin has struggled to extend its recent bounce, with traders watching to see if accumulation by larger wallets can offset short-term selling. Meme coins retreat: CoinDesk’s desk data noted DOGE steadying around the $0.25 area earlier this week as whales added exposure—encouraging, but not a free pass when momentum is fading. Meanwhile, Shiba Inu has flirted with deeper retracements as address growth and engagement whipsaw, and PEPE has confronted multi-week lows amid heavier supply hitting exchanges.

This feature examines why meme coins are retreating now, what technical analysis and on-chain metrics indicate, and how macroeconomic factors—such as liquidity,Meme coins retreat  :Bitcoin dominance, funding, and the U.S. dollar—are shaping the path ahead. You’ll find a balanced take designed to be useful whether you’re trading intraday or simply tracking the altcoin cycle.

Why are meme coins retreating now?

A macro nudge turns into a micro slide.

Markets rarely fall in a vacuum. Bitcoin’s latest dip from new highs knocked over the first domino, turning a gentle risk-off tilt into a sharper altcoin pullback. Meme coins retreat: Barron’s flagged a modest drop in BTC following a burst to record levels, noting a concurrent uptick in the dollar—historically a headwind for crypto beta. When BTC cools, assets farther out on the risk curve, such as DOGE, SHIB, and PEPE, tend to amplify the move.

Liquidity is shallow—and that cuts both ways.

In meme coin arenas, depth on order books can vanish quickly. When spot buyers hesitate and perp funding compresses, liquidity thins, and a few larger market orders can push price disproportionately. That’s why the same flows that fueled “Uptober” optimism can reverse into bearish pressure within hours. Thin books magnify slippage, exaggerating both tops and bottoms.

Rotations and narratives

Capital rotates relentlessly in crypto. Recently, flows have chased BNB strength and large-cap narratives, while micro-cap presales have hogged headlines. Even if you don’t care about presales, their gravity can siphon speculative dollars away from legacy meme names—reducing bid support right when sellers test the tape.

Coin-by-coin: what the tape and data say

Dogecoin (DOGE): accumulation meets hesitation

There’s a tug-of-war beneath DOGE’s price. On one side, whale accumulation around the mid-$0.20s has been visible; on the other, lower-timeframe momentum has wobbled after a sharp run. CoinDesk highlighted continued interest from larger holders near $0.25, hinting at a base-building attempt. However, intraday shakeouts have persisted as the broader crypto market paused.

Independent desk notes and analytics suggest a split picture: short-term hidden bullish divergences vs. the risk of another lower high if momentum can’t reignite. BeInCrypto framed the setup succinctly—early signs of stabilization with one lingering risk that could pull price back toward prior support if bulls fail to defend key levels.

Interpretation: If DOGE continues to respect the mid-$0.20s, a sideways-to-higher path can develop; lose that shelf decisively, and sellers may press to the next congestion zone. In both cases, participation breadth—spot plus derivatives—will matter more than a single headline.

Shiba Inu (SHIB): address growth vs. trend fatigue

SHIB’s tapestry is more nuanced. We’ve seen improvements in new address formation and flashes of lower net selling, yet prices have remained vulnerable to the market’s broader rhythm. Recent coverage spotlighted SHIB’s attempt to rebuild momentum after September’s losses, while fresh notes today warned of the risk of a four-month low if bulls don’t reassert quickly.

Interpretation: For SHIB, engagement and burn narratives can catalyze rallies, but without a sustained uptick in spot demand and DEX liquidity, bounces risk stalling. Watch for improving market depth around round numbers and whether exchange inflows cool—two signals that often precede firmer floors.

Pepe (PEPE): supply overhang bites

Among the big three, PEPE has worn the heaviest tape recently, notching a multi-month low at the start of October amid heavier selling. Coverage last week emphasized that the token had retraced roughly half from its yearly high, with renewed pressure pushing it toward prior summer levels. That’s consistent with a market trying to find value buyers under stress.

Interpretation: PEPE tends to move faster than DOGE or SHIB in both directions. When liquidity is thin and open interest bloats, wicks expand. Clues to a bottom often appear first when funding rates normalize, OI bleeds off, and a shift in CVD (cumulative volume delta) occurs from persistent negative to flat.

Technical context: levels, structures, and signals

Market structure across timeframes

On higher timeframes, many meme pairs remain range-bound beneath 2024–2025 extremes. That’s not inherently bearish; ranges are base-building phases when accumulated correctly. On the four-hour and daily charts, however, the latest lower-high sequences suggest patience until buyers reclaim broken trendlines and regain control of value areas.

Support and resistance to watch

For DOGE, the $0.25 neighborhood has served as a pivot—a zone of contention rather than a precise level. Respecting it maintains a constructive skew; failing to do so risks a slide into the prior acceptance area. 
For SHIB, watch the recent swing lows flagged in today’s coverage; slipping beneath them would formalize a four-month breakdown and invite a deeper test of summer liquidity. 
For PEPE, look for stabilization near the early-October trough referenced in last week’s analysis; repeated defenses coupled with declining exchange inflows would strengthen the case for a mean-reversion bounce.

Momentum and mean reversion

When RSI/MFI compresses after sharp drops, mean reversion rallies can be brisk. However, without rising spot volumes, these bounces tend to fade. The healthiest recoveries exhibit a rising spot-to-perps share, easing funding, a shrinking basis, and OI that grows in tandem with price (not before it).

On-chain and microstructure: reading the footprints

Whale behavior and distribution

Large holders have two primary indicators: net position changes and exchange flows. Accumulation near well-supported levels (as observed for DOGE) is a necessary but not sufficient condition for trend resumption; it must be accompanied by broader participation. If mid-tier wallets join, drawdowns become shallower, and intraday recoveries are more pronounced.

Exchange vs. self-custody

Rising net inflows to exchanges usually precede supply overhang. For PEPE, that dynamic lined up with its early-October slide. A reversal—tokens exiting exchanges—often marks the late phase of panic. Track that against liquidity pools on DEXs; deeper pools reduce slippage and discourage cascading liquidations.

Perps, funding, and liquidations

In meme markets, funding flips matter. When longs over-crowd and funding spikes positive, even small dips snowball into long liquidations. The current retreat has had the opposite rhythm in pockets—late shorts piling in after the first leg down. If you see funding normalize while price carves higher lows, that’s the classic early trend repair look.

The macro overlay: dollar strength, liquidity, and rotations

The dollar matters for crypto beta

Barron’s highlighted the U.S. dollar’s modest bounce this week, a subtle yet significant headwind that coincided with the stall in crypto. Meme coins, perched far out on the risk curve, magnify the effect. If the dollar continues to firm, risk appetite usually retreats, and the alts that ran hardest often retrace the most.

Sector rotations within crypto

Flows recently favored BNB and specific large caps, leaving less speculative juice for meme coins. Even where headlines are bullish, attention is finite; when energy shifts to a new narrative, the last narrative often reverts to the mean.

Strategy notes: how traders are adapting

For momentum traders

Momentum players look for failed breakdowns followed by strong closes, reclaiming intraday supply. In practice, that means waiting for DOGE/SHIB/PEPE to push back above intraday VWAP and hold it through the U.S. session close, preferably on rising spot volume. Without those tells, “buy-the-dip” becomes “catch-the-knife.”

For mean-reversion specialists

The mean-reversion playbook hunts decelerating sell pressure. Watch for cumulative volume delta to flatten, liquidation clusters to clear, and funding to pivot toward neutral as price stops making fresh lows. Paired with multi-touch defenses of a level (for instance, DOGE crowding around $0.25), the odds of a bounce improve.

For longer-term holders

Long-only allocations in meme coins require comfort with volatility and narrative risk. Dollar-cost averaging across time and liquidity windows tends to reduce regret. Risk control isn’t just about position size; it’s also about location—entries near prior value areas and exits into strength.

What could change the narrative?

A sustained Bitcoin bid

If Bitcoin resumes a decisive uptrend and the dollar softens, altcoin beta usually follows. The key is not just BTC up, but BTC up with breadth—ETH, SOL, and large-caps participating rather than diverging. Barron’s noted the initial wobble after BTC’s high; a fresh push that sticks could reignite risk.

Fresh catalysts inside meme ecosystems

For DOGE, network integrations, payments, or protocol upgrades that reduce perceived “pure meme” risk can expand the buyer base. CoinDesk’s observation of whale accumulation is a start; a functional catalyst would build on it. For SHIB, concrete progress on Shibarium throughput and ecosystem apps tends to correlate with healthier tape. For PEPE, credible builder activity, treasury transparency, and reduced exchange supply could flip sentiment.

Rotation fatigue elsewhere

If the BNB and large-cap bid tires or speculative energy migrates back down the risk curve, meme coins can catch a second wind. Markets are pendulums; yesterday’s laggards often become tomorrow’s leaders once positioning resets.

Risk factors to respect

Regulatory ripples and listing dynamics

Regulatory headlines still swing liquidity. A stricter tone in one jurisdiction can reduce cross-border market-making or hinder fiat ramps, thereby thinning order books and amplifying volatility. Listings and market-maker presence remain critical for price stability in meme names.

Leverage and reflexivity

High open interest, combined with positive funding, creates fragility. When a wave of forced sellers or buyers hits, reflexivity takes over, and price moves farther than models imply. Risk management—position size, leverage caps, and hard stops—matters more than the perfect entry.

Outlook: cautious near term, optionality later

In the near term, the path of least resistance is choppy. With the meme coin complex under bearish pressure, rallies are guilty until proven innocent. Yet the same microstructure that punishes late longs can reward disciplined traders who wait for structure to repair—higher lows, reclaimed ranges, funding normalization, and spot-led advances.

For investors, the focus should be on process over prediction: define invalidation, respect volatility, and remember that the meme coin premium is driven by narrative. When narratives align with improving liquidity and are visible on-chain, support and rebounds can be swift.

Conclusion

The headline is simple: meme coins retreat as Dogecoin, Shiba Inu, and Pepe absorb renewed bearish pressure in the wake of a broader crypto cooldown. The story beneath is more layered: a firmer dollar, liquidity rotating into other narratives, thin order books, and mixed on-chain signals. DOGE shows signs of accumulation around a crucial pivot; SHIB balances rising network activity against trend fatigue; PEPE grapples with supply overhang and rebuilding confidence.

None of this precludes a sharp bounce—crypto turns on a dime. However, until market structure reforms and spot demand levels are met, the prudent stance is measured. Track the key indicators: reclaimed levels, funding and OI behavior, exchange flows, and breadth across large-cap stocks. If those align, today’s retreat may prove a reset, not a reversal.

FAQs

Q: Why did meme coins drop when Bitcoin only slipped a little?

Because meme coins sit further out on the risk curve, they magnify macro nudges. Even a modest BTC pullback, especially alongside a firmer U.S. dollar, can spark sharper moves in DOGE, SHIB, and PEPE as liquidity thins and leverage unwinds.

Q: Is Dogecoin’s $0.25 area firm support?

It has acted more like a pivot zone than a hard floor. CoinDesk pointed to whale accumulation in that area, which is constructive—but a sustained recovery still needs broader participation and spot-led rallies to stick.

Q: What on-chain signals help identify a bottom for SHIB or PEPE?

Look for declining exchange inflows, stabilizing funding rates, and open interest that rebuilds after price bases, not before it. For PEPE specifically, the early-October slide lined up with heavier sell pressure; reversing that pattern is key.

Q: Could rotation into other narratives be draining meme-coin liquidity?

Yes. Flows have chased stronger large-cap stories recently—BNB’s outperformance is one example—leaving less speculative capital for legacy meme names. When those narratives tire, liquidity can rotate back.

Q: What would flip the meme-coin outlook bullish again?

A sustained BTC bid with market breadth, a softer dollar, reclaimed local ranges on spot volume, and concrete ecosystem catalysts—such as integrations, upgrades, or clear on-chain accumulation—would all support a shift from bearish pressure to recovery.

See More: Best Crypto Coins to Invest in 2025: Your Complete Investment Guide