Why is crypto down today? DOGE, SHIB, PEPE plunge but Bitcoin stays calm

ambcryptoPublished on 2025-07-28Last updated on 2025-07-29

Key takeaways

The crypto market saw a sharp $120 billion drop in market cap, led by heavy losses in top memecoins like DOGE, SHIB, and PEPE. Bitcoin remained stable near $119K.

Crypto markets are in the red today, with top memecoins leading a broader sell-off that has wiped over $120 billion from the global market cap.

From regulatory roadblocks in the U.S. to brewing uncertainty in India’s exchange ecosystem, cautiousness has made the market take a dive.

Market-wide dip wipes out $120B

As of press time, the total crypto market cap fell from a high of $3.92 trillion to a low of $3.80 trillion within a 24-hour window, fueling a sharp $120 billion decline.

Source: TradingView

While the market showed signs of recovery around the $3.85 trillion level, overall momentum remained fragile.

Hourly volume climbed to $316.96 billion, up 0.58%, indicating reactive trading behavior rather than fresh inflows.

Memecoins bleed while Bitcoin sleeps

Top memecoins have shed blood.

Dogecoin [DOGE] fell 7.99%, Shiba Inu [SHIB] dropped 6.30%, and Pepe [PEPE] slid 9.06% over the last 24 hours.

Source: Coinmarketcap

Meanwhile, Bonk [BONK] and Floki [FLOKI] posted similar losses of over 9%, while dogwifhat [WIF] plunged 10.91%.

Highlighting the volatility in lower-cap tokens, the sharpest decline came from Fartcoin [FARTCOIN], which crashed 17.52%.

Even Trump-themed and meme-narrative assets like Official Trump [TRUMP] and SPX6900 [SPX] weren’t spared.

Source: TradingView

Bitcoin [BTC], however, remained relatively stable. At press time, it hovered near $119,000, with its daily RSI at 60.9; suggesting neutral momentum. The OBV showed no significant uptick, reinforcing a sideways trend.

BTC’s consolidation proved that it was not the primary driver of the latest volatility, as traders instead dumped riskier meme assets.

Headlines weigh heavy

The broader market dip may have been influenced by a number of factors.

The U.S. SEC postponed its decisions on both the Truth Social Bitcoin ETF (now due by September 18) and Grayscale’s Solana Trust conversion (October 10), causing continued uncertainty.

Meanwhile, in India, reports of Coinbase exploring a potential acquisition of CoinDCX surfaced after the latter’s valuation plunged from $2.2 billion to under $1 billion, following a $44 million hack.

While CoinDCX has stabilized, the news may have amplified marketwide caution and sell-side pressure.

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