# Dogecoin and Shiba Inu Prices Drop Amid Broader Market Selloff

**Published:** 2026-06-12T11:22:15.937Z  
**Topic:** Memecoins  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/96c6b6d1-df65-49f0-85af-3fa94a80fd66

Dogecoin and Shiba Inu prices fell 9% as Bitcoin neared $60,000, triggering liquidations and breaking key support levels across the memecoin market.

Dogecoin and Shiba Inu experienced a sharp decline of approximately 9% as Bitcoin drifted toward the $60,000 level [1]. This downturn triggered widespread liquidations across the memecoin sector, as heavy trading volume and selling pressure overwhelmed existing support levels [1].

**Key takeaways**
* Dogecoin fell from $0.0891 to $0.0830, breaking an ascending channel that had been in place since February [1].
* Shiba Inu dropped from $0.000004997 to $0.000004630, falling below its support level of $0.000004780 [1].
* Derivatives markets showed defensive positioning, with Dogecoin futures open interest declining and Shiba Inu open interest reaching cycle lows [1].
* Despite the price drop, both tokens saw exchange outflows that would typically suggest accumulation, though analysts note that momentum and macro conditions currently outweigh these signals [1].

## Technical Breakdown and Market Sentiment
The recent price action for both tokens has been characterized by heavy volume during breakdowns rather than recoveries, which analysts suggest indicates that sellers remain in control [1]. For Dogecoin, the loss of its four-month ascending channel is considered a significant development, shifting focus toward lower support levels near $0.067 [1]. Traders are currently monitoring the $0.0819 level for Dogecoin; a failure to hold this could accelerate the downward trend [1].

Shiba Inu’s chart shows continued weakness, as the token remains below all major moving averages while printing lower highs and lower lows [1]. The token faces immediate resistance at $0.000004780, while a break below the $0.000004575 support level could expose further downside toward $0.000004500 [1]. While oversold readings have begun to appear on momentum indicators, neither token has demonstrated a convincing reversal, and analysts suggest that until buyers reclaim former support levels, the path of least resistance remains to the downside [1].

## Why it matters
The selloff highlights the heightened sensitivity of speculative assets to broader crypto market movements, particularly as Bitcoin approaches the psychologically significant $60,000 threshold [1]. While both projects are pursuing distinct development paths—such as Dogecoin’s recent launch of the “Such” app beta for merchant utility and Shiba Inu’s upcoming Fully Homomorphic Encryption upgrade via Zama—these long-term initiatives have been overshadowed by immediate macro-driven momentum [1, 2]. 

Regulatory and infrastructure developments remain ongoing, with Dogecoin classified as a digital commodity under a joint SEC and CFTC framework as of March 2026, and Shiba Inu continuing to expand its Shibarium Layer-2 ecosystem [2]. However, market participants appear focused on technical support levels and liquidity trends, with both tokens currently trading significantly below their 2021 all-time highs [1, 2].

## Sources
1. CoinDesk — [Memecoins dogecoin, shiba inu dive 9% as bitcoin nears $60,000](https://www.coindesk.com/markets/2026/06/05/memecoins-dogecoin-shiba-inu-dive-9-as-bitcoin-nears-usd60-000)
2. Blockonomi — [Shiba Inu vs Dogecoin: Who Leads the Memecoin Race in 2026?](https://blockonomi.com/shiba-inu-vs-dogecoin-who-leads-the-memecoin-race-in-2026/)

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Cite as: TrendWatcher, "Dogecoin and Shiba Inu Prices Drop Amid Broader Market Selloff", https://www.trendwatcher.in/article/96c6b6d1-df65-49f0-85af-3fa94a80fd66