Dogecoin falls 9% as Bitcoin nears $60,000, analyst calls Shiba Inu

Dogecoin slipped from $0.0891 to $0.0830, a 9% decline, as Bitcoin hovered just below the psychologically important $60,000 level, prompting an analyst to label Shiba Inu and BONK “worthless” while still seeing upside potential for Dogecoin【2】.

Market pressure from Bitcoin’s slide

The broader crypto market turned risk‑off as Bitcoin slipped toward $60,000, triggering liquidations across altcoins and memecoins. Heavy selling pressure forced both Dogecoin and Shiba Inu to break key support levels, with their largest volume spikes occurring on the breakdowns rather than on rebounds【2】. The sell‑off reflects traders’ focus on macro risk rather than on‑chain accumulation signals, as exchange outflows failed to lift prices despite sizable token burns and ecosystem growth【2】.

Analyst’s meme‑coin verdict

Crypto analyst “Kevin” posted on X that many leading meme tokens have lost more than 95% of their all‑time‑high values over the past three months, a correction he calls a “reset” for the space【1】. He singled out Shiba Inu and BONK as “worthless” projects with no fundamentals, while describing Dogecoin as having a “much more constructive chart” and the ability to survive multiple market cycles【1】. Kevin disclosed a small personal position in DOGE but warned that it remains highly speculative and has underperformed Bitcoin for six straight years【1】.

Dogecoin’s technical outlook

Dogecoin’s price breach of its ascending channel marks the most significant technical shift since the channel formed in February, shifting attention to lower support near $0.067【2】. While the token’s chart still appears more resilient than newer meme coins, the 9% drop and loss of channel support suggest further downside risk unless buyers can reclaim the broken structure. Shiba Inu’s price fell from $0.000004997 to $0.000004630, slicing through support near $0.000004780, and remains below all major moving averages【2】.

What to watch

• Dogecoin support: $0.067 (next major support if the channel fails to hold).
• Shiba Inu support: $0.000004500 (key moving‑average zone).
• Bitcoin milestone: $60,000 – a level that could trigger further altcoin pressure if breached.

The 9% pullback underscores how quickly meme‑coin valuations can erode when broader market sentiment turns negative, while the analyst’s split view highlights a lingering belief that Dogecoin may still capture upside in a future bull market, albeit with heightened risk.