Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMemecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000Dogecoin and Shiba Inu led losses among major tokens as heavy volume and liquidations overwhelmed support levels, extending a broader risk-off move across crypto markets.By Shaurya Malwa Jun 5, 2026, 4:01 p.m. 2 min readMake preferred on What to know: Dogecoin and Shiba Inu each fell about 9 percent as bitcoin slid toward $60,000, with selling heaviest in the most speculative parts of the crypto market.Both tokens broke key support levels and saw their largest trading volumes on breakdowns rather than rebounds, signaling that sellers remain firmly in control.Technical signals point to further downside for DOGE and SHIB unless buyers can reclaim former support levels that have turned into resistance.Memecoins are usually where traders go looking for risk. This week they're where risk is getting cut first. Dogecoin and Shiba Inu both shed roughly 9% as bitcoin drifted toward the $60,000 level, with the sharpest selling concentrated in the most speculative corners of the market.News Background• Broader crypto sentiment deteriorated as bitcoin slipped toward the psychologically important $60,000 level, triggering liquidations across altcoins and memecoins.• Derivatives traders moved into defensive positioning, with DOGE futures open interest falling and SHIB open interest hovering near cycle lows.• Despite the selloff, both tokens continue to show conflicting signals underneath the surface, with DOGE and SHIB seeing sizeable exchange outflows that would normally be associated with accumulation.Price Action Summary• Dogecoin fell from $0.0891 to $0.0830, breaking the ascending channel that had guided price action since February.• Shiba Inu dropped from $0.000004997 to $0.000004630, slicing through support near $0.000004780 on heavy selling pressure.• Both tokens saw their biggest volume spikes during breakdowns rather than recoveri…

Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000

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