As Bitcoin approaches $60,000, market risk-off sentiment has intensified, placing greater pressure on the more volatile meme coin sector. Dogecoin and Shiba Inu led losses among major tokens, with selling pressure concentrated primarily after prices broke below support levels, rather than during rebound phases.
Sell orders are concentrated during the decline phase.
CoinDesk, citing on-chain data, reported that DOGE's price declined from $0.0891 to $0.0830, breaking below the upward channel it had maintained since February. SHIB fell from $0.000004997 to $0.000004630, losing support near $0.000004780.
Both tokens showed higher volume spikes during their decline, indicating that capital is primarily exiting actively rather than being absorbed at lower levels. This type of price action typically suggests that short-term sellers still dominate the market.
Futures open interest also declines in tandem
The report noted that as Bitcoin slipped toward $60,000, broader liquidations occurred in the altcoin and meme coin markets. Derivatives traders also shifted to a defensive stance, with DOGE futures open interest declining and SHIB’s open interest remaining near the low of this cycle.
- DOGE dropped to $0.0830
- SHIB has dropped to $0.000004630
- Bitcoin once approached the $60,000 mark.
This reflects high-leverage capital reducing its risk exposure. More volatile tokens, compared to Bitcoin, typically face selling pressure earlier, leading to larger declines when market sentiment weakens.
Outflows from the exchange have failed to stop declining.
Notably, both DOGE and SHIB experienced significant outflows from exchanges. While such data is typically seen as a signal of holders accumulating coins, this time it did not result in noticeable price support.
The report suggests that the current market is more focused on macroeconomic pressures and short-term momentum rather than medium- to long-term accumulation signals. Although some momentum indicators are approaching oversold territory, neither token has yet shown a clear, definitive sign of stabilization.
Next, the market will continue to monitor whether Bitcoin can hold around $60,000. If major assets continue to weaken, the higher-risk meme coin sector may still face increased selling pressure.