Bitcoin Dips Below $70,000, Dogecoin, Shiba Inu, and Pepe Simultaneously Under Pressure

The overall sentiment in the crypto market has weakened recently, with Bitcoin's price falling below the key support level of $70,000, leading to a synchronous decline in several major altcoins. Dogecoin (DOGE) briefly surged to around $0.104 earlier this week but subsequently encountered strong selling pressure, failing to sustain the gains. The breakout attempt ended in failure, and bullish momentum in the market has clearly waned.

At the same time, Shiba Inu (SHIB) price has fallen back to approximately $0.00000539, with a single-day drop of 2.05%, moving in close sync with the broader market. Although SHIB's recent token burn rate has surged – with a single cycle seeing a burn increase of over 8000%, and a cumulative total of over 3.8 million SHIB permanently removed from circulation, which theoretically should support its long-term value – the overall market risk appetite has declined, preventing this fundamental positive from translating into price support.

Other popular meme coins, such as Pepe, have also not been spared, all declining with the market sentiment. In a market structure dominated by Bitcoin, the independent performance of altcoins is often limited. Even with positive deflationary mechanisms, it is difficult to escape the impact of systemic corrections in the short term.