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Dogecoin and Shiba Inu each dropped about 9% amid Bitcoin’s slide toward $60,000; analyst Kevin labels many meme tokens “worthless” and says only DOGE may
Dogecoin and Shiba Inu slumped roughly 9% on June 5, breaking key support as Bitcoin edged toward the psychologically important $60,000 level, while an analyst warned that most meme tokens—including Shiba Inu and Bonk—are “worthless” and unlikely to reclaim prior highs【3】.
| At a glance | |
|---|---|
| Price (DOGE) | ~ $0.074 (≈9% down) |
| Price (SHIB) | ~ $0.000007 (≈9% down) |
| 24h Move | –9% for both DOGE and SHIB |
| Catalyst | Bitcoin sliding toward $60k triggering risk‑off selling; analyst Kevin’s “worthless” meme‑coin verdict |
Bitcoin’s approach to $60,000 sparked a broader risk‑off wave across crypto, with heavy volume and liquidations overwhelming support levels for many altcoins. Both DOGE and SHIB saw their largest trading volumes on the breakdowns rather than rebounds, indicating sellers are in control【3】. The sell‑off coincided with a three‑month meme‑coin sector decline of more than 50%, a backdrop that prompted Kevin to label many leading meme tokens as “no‑fundamentals” projects unlikely to revisit their all‑time highs【1】.
Kevin, posting on X, argued that the correction is a “reset for the crypto space” and that “major meme coins are hitting the wall.” He singled out Shiba Inu and Bonk as projects he expects to remain sidelined, describing them as “worthless” and unlikely to achieve new peaks【1】. By contrast, he highlighted Dogecoin’s “more constructive chart” and its ability to survive multiple market cycles, though he cautioned that DOGE remains highly speculative and has underperformed Bitcoin for six straight years【1】.
Despite the 9% drop, DOGE’s price action still appears more stable than newer meme tokens, which have suffered drawdowns of over 95% from their all‑time highs【1】. The analyst’s small personal position in DOGE underscores his view that the token could “stay around and have another run in the future,” even as he recommends focusing on Bitcoin and Ethereum for institutional capital flows【1】.
The 9% dip in DOGE and SHIB underscores how tightly meme tokens track Bitcoin’s momentum, while Kevin’s stark assessment raises questions about which meme projects can truly survive a prolonged risk‑off environment.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 21, 2026 · How we report
Large holders bought 200 million DOGE, and futures open interest increased to about $1.1 billion, coinciding with the token stabilizing near $0.073.
Dogecoin has underperformed Bitcoin for six consecutive years, and analysts consider Bitcoin a better investment despite Dogecoin’s occasional resilience.
Analysts describe the token as entering a consolidation phase with reduced trade energy, indicating a neutral to slightly bearish outlook.