Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000
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- Dogecoin fell about 9% to $0.0830, breaking its February‑originating ascending channel (down from $0.0891).
- Shiba Inu fell about 9% to $0.000004630, slicing through support near $0.000004780 (down from $0.000004997).
- DOGE futures open interest fell, reflecting defensive positioning by derivatives traders.
- SHIB open interest hovered near cycle lows, indicating limited new buying pressure.
- Volume spiked on price breakdowns rather than rebounds, suggesting sellers remained firmly in control across both tokens.
Why it matters: Traders holding DOGE and SHIB face losses; short sellers and liquidators profit; the broader crypto market sees risk‑off pressure as Bitcoin's slide triggers sell‑offs across speculative tokens.
