Dogecoin and Shiba Inu Drop Lower as Ethereum Loses Appeal

Dogecoin and Shiba Inu slipped during U.S. hours as rising sell volume pushed both tokens below key technical levels, extending weakness across the meme coin segment while ether underperformed other majors.

News background

• The move unfolded alongside continued softness in ether ETH$2,838.97, which traders often treat as a proxy for risk appetite across altcoins. As ETH lagged the broader market, higher-beta assets such as meme coins absorbed outsized selling pressure.
• Broader crypto benchmarks held relatively steady, underscoring that the weakness was concentrated in speculative segments rather than a market-wide capitulation.
• This divergence suggests capital rotation and de-risking rather than panic selling.

Technical analysis

• Dogecoin broke below the $0.13 psychological level after rejection at $0.1331, confirming a sequence of lower highs and locking price into a descending channel.
• Former support near $0.1296 has flipped into resistance, reinforcing the bearish structure.
• Trading volume surged 53% to 479.7 million tokens, consistent with active distribution rather than low-liquidity drift.
• Failed attempts to reclaim broken levels increase the probability of continuation toward lower demand zones unless buyers step in decisively.
• Shiba Inu mirrored DOGE’s structure, slipping below short-term support and failing to reclaim overhead supply.
• The lack of relative strength versus DOGE suggests sector-wide pressure rather than isolated token weakness.

Price action summary

• DOGE slipped from $0.1314 to $0.1312 over the past 24 hours, briefly dipping to $0.1298 before bouncing toward $0.1311 on short-lived volume spikes near 27 million tokens.
• The rebound lacked follow-through, leaving price capped below resistance.
• SHIB tracked DOGE lower through the session, stabilizing but failing to reclaim prior support.
• The synchronized move reinforced the view that meme coins are trading as a single risk bucket rather than on token-specific drivers.

What traders should know

• Support for DOGE sits at $0.1290–$0.1280, with downside risk toward $0.1250 if selling resumes.
• Reclaiming and holding above $0.1325 would be required to neutralize the current bearish setup.
• SHIB’s near-term direction likely hinges on whether DOGE stabilizes and whether ether regains relative strength.
• As long as ETH remains under pressure, meme coins are likely to lag broader crypto performance and remain vulnerable to further downside.