TL;DR

• DOGE is down

• SHIB is down

• LIBRA Traders Suffer Massive Losses

• Dogecoin Eyes Rally Amid $5,000 Stimulus Check Talks

• Pump.fun Founder Urges Memecoin Safeguards

• Binance Founder CZ to Aid TST and BROCCOLI Victims

• Regulators Blamed for $4B LIBRA Memecoin Scandal

• Scammers Launch Fake Saudi Arabia Memecoin

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Dogecoin Price

Crypto is down this week, with DOGE down 4.3% and SHIB down 7.8%:

Weekly Analysis

This weekly analysis is majorly on the top two MEME coin

Dogecoin faced a turbulent week, struggling to hold key support levels amid broader market uncertainty. After multiple failed attempts to break above $0.285, DOGE has been range-bound between $0.24 and $0.27, with analysts warning of a potential breakdown if the $0.24 support fails.

The rejection at $0.285 has added bearish pressure, and technical indicators suggest the market remains fragile.

Crypto analyst UB pointed to the H4 consolidation level as a critical point, noting that while a relief bounce is possible, weakness could lead to further downside.

On the one-hour chart, DOGE has cleanly retested key levels twice, reinforcing the risk of a decline if Bitcoin also moves lower. Another analyst, Kevin Capital, highlighted that DOGE remains below its macro golden pocket and weekly bull market support band, signaling a cautious outlook.

Despite the bearish signals, some analysts foresee a rebound. Trader Tardigrade noted that DOGE’s RSI in the four-hour timeframe has entered the oversold zone, a potential precursor to short-term price recovery.

His analysis suggests that if DOGE reclaims $0.3, it could rally toward $0.36. Meanwhile, longer-term projections remain bullish, with historical cycle patterns hinting at a future surge.

A major development this week was Elon Musk’s efforts to raise funding for X at a $44 billion valuation. News of these investment talks briefly lifted DOGE by 0.30%, reviving speculation about its potential role in X’s evolving financial ecosystem.

With X Payments LLC securing additional money transmitter licenses, the possibility of DOGE integration into Musk’s "everything app" vision remains a focal point.

If this materializes, analysts believe DOGE could see significant upside, with a breakout toward $0.50 becoming more feasible. However, resistance at $0.265 and $0.306 remains a key hurdle in the short term.

Shiba Inu (SHIB) continues its downward trajectory, extending a 10-week-long decline as investor sentiment weakens. The meme coin currently trades at $0.00001537, struggling to break past the key resistance level of $0.00001676. Without a shift in market momentum, SHIB risks testing the crucial support at $0.00001462.

A breakdown below this level could trigger further losses, while reclaiming resistance might open the door for a rally toward $0.00001961 or even $0.00002000.

Market conditions remain unfavorable, with adoption rates for SHIB hitting a four-year low. The lack of fresh capital inflow has stalled growth, and both long-term and short-term holders are at a -5.5% profit, reflecting stagnation in price action. This muted sentiment suggests limited upside potential unless a broader market shift occurs.

Shiba Inu is not alone in facing challenges. The entire meme coin sector has seen a $5 billion decline in open interest since December, with major tokens like Dogecoin (DOGE), PEPE, and BONK shedding 52%, 71%, and 75% of their OI, respectively.

This trend signals waning enthusiasm for speculative assets amid a broader crypto market downturn. February 3’s market crash exacerbated the situation, dragging meme coins lower alongside Bitcoin, Ethereum, and Solana.

Adding to concerns, the collapse of the LIBRA token, linked to Argentine President Javier Milei, has intensified skepticism toward meme coins. The token’s 89% drop after its initial surge reinforced fears of manipulation, further dampening investor confidence. MEXC COO Tracy Jin warns that persistent scams in the sector could prolong recovery, as retail investors grow increasingly cautious.

With sentiment still weak and technical indicators showing no immediate signs of reversal, SHIB’s price action remains vulnerable. Investors will closely watch key levels in the coming days, as a decisive move could determine the next major trend.

Financial News

LIBRA Traders Suffer Massive Losses

Blockchain firm Nansen revealed that 86% of LIBRA memecoin traders lost over $1,000, totaling $251 million in losses, while insiders pocketed $180 million. Barstool’s Dave Portnoy saw the largest individual loss at $6.3 million. Legal firm Burwick Law is preparing a class-action lawsuit against the project's backers, including Hayden Davis and Julian Peh.

Argentine President Javier Milei, who briefly shared the token, now faces impeachment calls. Reports suggest Milei’s sister may have been involved, though Davis denies any connection. Despite netting $100 million, Davis claims he never directly owned or sold LIBRA tokens.

Solana Shorts Surge Amid Memecoin Fallout

Traders are turning bearish on Solana (SOL) as memecoin scandals erode sentiment. Coinalyze data shows the long-to-short ratio on futures exchanges fell from 4 to 2.5, while Binance's ratio tilted 4-to-1 in favor of shorts. Solana memecoins like BONK and WIF fueled a 213% revenue surge in Q4 2024 but now face backlash due to insider selling.

The LIBRA token collapsed by $4.4 billion, while TRUMP memecoin lost $2 billion in value. Despite these setbacks, Solana continues to outpace Ethereum in revenue generation, according to DefiLlama.

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