Dogecoin, Pepe, and Shiba Inu prices drop as Bitcoin dips below $70,000
March 8, 2026
Bitcoin’s drop below the $70,000 mark has caused a cascade of events in the crypto market, triggering a selloff in meme coins and increasing overall volatility. Dogecoin, one of the most popular meme coins, saw a decline to around $0.0904, losing nearly 2.87% in a twenty-four-hour period following Bitcoin’s dip. This movement erased some of the gains Dogecoin had made earlier in the week when it briefly surged to near $0.104 before encountering selling pressure that pushed it back down. The failed breakout attempt weakened the bullish momentum of the coin, leading to its return to a symmetrical triangle pattern.
Similarly, Shiba Inu, another meme coin in the market, traded near $0.00000539 after a 2.05% decline in the same period. The overall market slowdown, prompted by Bitcoin’s drop, limited recovery attempts for various meme assets, including Shiba Inu. Despite a significant increase in token burn activity, with over 3.8 million SHIB tokens leaving circulation during a short time frame, the effect of this surge was overshadowed by the market decline. Token burns typically reduce supply and support long-term price strength, but in this case, the broader market conditions prevailed, causing Shiba Inu to move lower.
As Bitcoin’s slip below a major price threshold creates uncertainty in the crypto market, meme coins like Dogecoin, Pepe, and Shiba Inu are particularly sensitive to these fluctuations due to their reliance on market sentiment. Pepe, for instance, is trading at around $0.00000334 with indicators showing weak momentum pressure, highlighting the ongoing market uncertainty. Analysts are closely watching key support levels for Shiba Inu, particularly around $0.00000526, as holding above this level could potentially pave the way for a recovery towards $0.00000540. Continued weakness in Bitcoin, however, may delay any sustained rebound for the token.
The recent market dynamics underscore the challenges faced by meme coins in navigating the broader cryptocurrency landscape. Market volatility, exacerbated by geopolitical tensions, adds to the uncertainty felt across the crypto space. As investors and traders brace for potential price swings, the interconnected nature of the crypto market becomes more apparent, with movements in Bitcoin setting the tone for meme coins and other altcoins. Despite the growing market uncertainty, the resilience of these meme assets in the face of rapid changes remains a focal point for market observers.
In conclusion, Bitcoin’s drop below $70,000 has set off a chain reaction in the crypto market, impacting meme coins like Dogecoin, Pepe, and Shiba Inu. These assets face challenges as they navigate market volatility and key support levels, with their movements closely tied to Bitcoin’s price action. The latest developments highlight the interconnected nature of the crypto market and the importance of monitoring broader market trends to gauge the trajectory of meme coins.
