Bitcoin Correction Hits Meme Coins: What’s Next for the Market?

Bitcoin, the leading cryptocurrency, is trading nearly 6% below its all-time high, sending shockwaves across the crypto market. The recent flash crash not only ended the altcoin season but also triggered a mass selloff in meme coins and altcoins, with a sharp 15% drop in meme coin market capitalization to $128.26 billion.

Meme Coins in Freefall

Top meme coins like DOGE, SHIB, PEPE, WIF, and BONK experienced double-digit declines in the past 24 hours. Despite minor recovery attempts, technical indicators suggest short-term corrections could persist.

• DOGE: Down 22% from its 2024 peak, with a buy zone between $0.29874 and $0.35740.

• SHIB: Declined 23% from its December top, with potential gains of 40% targeting $0.00004567.

• PEPE: Trading in its buy zone, targeting a Fibonacci retracement level of $0.00003691.

Hope for a Year-End Rally?

Historically, meme coins tend to rally during the Christmas season due to lower trading volumes and reduced market liquiditye. While 2024 saw meme coins outperform most sectors, traders are eyeing another potential surge before year-end. DOGE leads the pack with a staggering 350% YTD gain, followed by SHIB, PEPE, and others with triple-digit returns.

Strategic Outlook

The end of altcoin season marks a crucial moment for meme coin traders. Bitcoin’s price movements remain a key driver of meme coin trends, and further corrections could spell trouble. Experts recommend focusing on tokens with strong community backing and liquidity to mitigate risks.

As the market anticipates a potential Christmas rally, meme coins could regain momentum—but traders should stay cautious in navigating the volatile waters of the crypto space. #shiba⚡ #doge⚡ $BTC