Meme Coin Bloodbath: DOGE, SHIB Plunge as MemeCore Soars

The September 22 trading session delivered a sharp reminder of the inherent risks within the cryptocurrency market, particularly for speculative assets like meme coins. The correction was broad-based, affecting leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Hyperliquid (HYPE). However, the meme coin sector experienced a disproportionate impact. Dogecoin (DOGE), the sector’s pioneer, saw its price decline by 10% to approximately $0.24. Its primary rival, Shiba Inu (SHIB), wasn’t spared, slipping 6% to a 17-day low of $0.00001213. The sell-off was even more severe for other prominent names: Pump.fun (PUMP) crashed by 16%, Pudgy Penguins (PENGU) tumbled by 12%, and BONK (BONK) retraced by 10%. This collective plunge resulted in the meme coin sector’s total market cap collapsing by roughly 10% in a single day, highlighting its extreme sensitivity to market-wide sentiment shifts.

Amid the sea of red, one token stood out as a remarkable anomaly. MemeCore (M) was the only meme coin within the top 20 by market capitalization to register a gain on September 22, albeit a modest 1%, bringing its price to around $2.55. This resilience is part of a much larger, explosive trend. Over the past month, M has skyrocketed by over 460%, a performance so dominant that it has allowed the token to flip well-established meme coins like PEPE, TRUMP, FLOKI, and WIF to secure the position of the third-largest meme coin in the market. This ascent has captured significant attention, transforming MemeCore from a relative newcomer into a major sector player in a very short timeframe.

The token’s defiance of the broader market weakness has not gone unnoticed by analysts and traders. The impressive monthly gain suggests strong underlying momentum and buyer conviction that has, so far, remained unshaken by sector-wide sell-offs. This performance raises questions about the unique catalysts driving M’s rally, which may include strong community support, strategic developments, or speculative narratives that have resonated more powerfully with investors than those of its peers.

Despite the token’s already substantial gains, market observers are projecting further upside for MemeCore. Technical analysts are pointing to its price action as evidence of sustained strength. The X user Sjuul | AltCryptoGems recently described M as ‘simply a beast, pushing higher and higher,’ noting that the asset had broken ‘every single Fibonacci extension level into fresh all-time highs.’ Based on this technical breakout, they forecast a near-term rally toward a target of $3.40.

Other predictions are even more ambitious. The analyst known as Crypto Monkey outlined a target of $10, acknowledging it as ‘preposterous’ at the moment but arguing that the ‘strength is unreal.’ These bullish forecasts, while speculative, underscore the heightened optimism surrounding MemeCore compared to its struggling counterparts. The stark contrast between M’s performance and the double-digit losses of DOGE, SHIB, PUMP, and BONK paints a picture of a market where investor interest and capital are becoming highly selective, potentially heralding a shift in leadership within the meme coin ecosystem.