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Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000
Dogecoin 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.
Jun 5, 2026, 4:01 p.m. 2 min read
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.
• 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.
