Shiba Inu Crashes Through Key Support—PepeCoin Stalls Below Critical Resistance

Meme coins take another beating as Shiba Inu's high-volume support level shatters—no lifeline in sight. Meanwhile, PepeCoin's rally fizzles below the 200-day average, leaving bagholders staring at their screens like it's a modern art exhibit.

Another day, another 'buy the dip' opportunity—or is it just another trap? Traders scramble while institutional investors sip champagne, muttering 'told you so' under their breath.

The breakdown follows an overnight surge in the SHIB burn rate, which increased by nearly 140%, removing 39.49 million tokens from circulation. Furthermore, open interest in SHIB derivatives increased by 2.03% to 11.36 trillion SHIB (approximately $158.65 million), with Gate.io leading with 54.18% of the total open interest.

• SHIB exhibited significant price volatility over the 24-hour period, reaching a peak of 0.00001336 during the 14:00 hour on June 3rd before declining to a low of 0.00001297 at 21:00, representing a range of 0.00000039 (2.96%).
• Notable high-volume support emerged at the 0.00001310 level during the 01:00 hour on June 4th, with volume exceeding 573B, well above the 24-hour average of 276B. (The high-volume support was breached soon before press time.)
• The price action formed a descending channel from the 15:00 peak, with resistance at 0.00001320 repeatedly tested and rejected, suggesting continued bearish pressure despite the recent consolidation between 0.00001310-0.00001315.
• Volume spiked significantly at 08:02 with over 14.9B SHIB traded, nearly triple the hourly average, confirming strong buying interest.

PEPE's recovery from the May 31 lows gained momentum on Tuesday, but sellers eventually overpowered buyers NEAR the 200-day SMA resistance, pushing the market valuation back to $5.2 billion.

The rejection at the 200-day SMA could invite more selling, potentially yielding a re-test of the 50-day SMA support at $4.64 billion.

That said, the 50-day SMA has recently crossed over the 100-day SMA and is trending upward, hinting at a broader bullish shift in momentum. So, potential dips could be short-lived.