DOGE, SHIB Drop 9% as Bitcoin Tests $60K Support

Dogecoin and Shiba Inu each shed roughly 9% in a single session as Bitcoin slid toward the $60,000 mark, with selling concentrated in the most speculative corners of the crypto market. DOGE fell from $0.0891 to $0.0830, slicing through the ascending channel that had guided price action since February, while SHIB dropped from $0.000004997 to $0.000004630, breaking support near $0.000004780 on heavy volume. Both tokens saw their largest volume spikes during breakdowns rather than rebounds — a clean signal that sellers, not buyers, controlled the tape from open to close.

Why it matters

Memecoins are usually where traders go looking for risk. This week they're where risk is getting cut first. The breakdown matters beyond the percentage move: DOGE's four-month ascending structure finally gave way, shifting the next line in the sand down toward $0.067, while SHIB continues to print lower highs and lower lows despite aggressive token burns and ecosystem development. Derivatives traders moved into defensive positioning, with DOGE futures open interest falling and SHIB open interest hovering near cycle lows — the kind of setup that historically resolves only when forced liquidations run their course.

Market impact

Bitcoin's slide toward the psychologically important $60,000 level triggered cascading liquidations across altcoins and memecoins, dragging the most speculative names the hardest. Exchange outflows for both DOGE and SHIB continued even as prices fell, a pattern that usually signals accumulation but here looked more like traders paying closer attention to macro conditions and momentum than to longer-term positioning. Oversold readings are starting to appear across momentum indicators, though neither token has shown convincing evidence of a durable reversal yet. For DOGE, the key level is $0.0819 — a clean break opens the door to $0.067. For SHIB, support sits near $0.000004575, with a deeper zone around $0.000004500 if that fails. Recovery attempts face immediate resistance at $0.0883 for DOGE and $0.000004780 for SHIB, both former support levels that have now turned into overhead supply.