Memecoins lead crypto losses amid broad risk-off sentiment, breaking key support levels as bitcoin approaches $60,000.
Dogecoin and Shiba Inu fell 9 percent each as bitcoin neared $60,000, driven by heavy selling in speculative crypto assets. The decline broke critical support levels, with trading volumes surging on breakdowns rather than rebounds, signaling sustained bearish pressure.
The selloff reflects broader market weakness, with bitcoin testing the $60,000 threshold and triggering liquidations across altcoins. Derivatives data shows defensive positioning, including a drop in DOGE futures open interest and SHIB open interest near cycle lows.
Despite the downturn, exchange outflows for both tokens suggest some investors may be moving assets off exchanges, a potential sign of long-term holding amid short-term volatility.