Shiba Inu buying interest decreases, increasing downside risk; Dogecoin becomes oversold and bitcoin…
June 30, 2026
Recent trends indicate a shift in sentiment towards meme coins, suggesting that relying solely on on-chain activities may not be sufficient to reverse price declines in the current environment. The buying interest in Shiba Inu (SHIB) is quickly diminishing, causing concerns about possible further drops in its value. Conversely, Dogecoin (DOGE) has entered an oversold phase, hinting at a potential technical recovery. At the same time, Bitcoin (BTC) is facing a pivotal battle around the $60,000 price level, which is crucial for its short-term market performance.
According to a June 30 report by U.Today, the market is growing increasingly cautious amid the movement of substantial amounts of SHIB to centralized exchanges. Notably, exchange inflows for SHIB have surged, with deposits outnumbering withdrawals. This influx of tokens has raised fears of significant investors gearing up to sell their holdings, prompting a decline in investor sentiment. Traders are now adopting a wait-and-see approach as they monitor the market’s reaction to this development.
Despite some improvement in on-chain metrics such as active addresses and transactions in the past 24 hours, SHIB’s technical indicators remain bearish. The coin has struggled to regain momentum following a breakout from a rising wedge pattern. Its failure to sustain a recovery has led to a downward trend, with SHIB trading below key moving averages. The lack of significant buying interest further hampers any potential price upswing.
Regarding Dogecoin, it has dipped below $0.072, showing a decline of over 35% from its previous high above $0.11. However, there are signs that the pace of the decline is slowing down. Notably, DOGE’s relative strength index (RSI) has fallen to 21, indicating an oversold condition. While this suggests intense selling pressure, it also hints at a higher likelihood of a technical rebound, especially considering the absence of substantial trading volumes typically associated with sharp selloffs.
Bitcoin has found itself back in the $59,000 to $60,000 range and is currently battling to maintain its key psychological support at $60,000. The coin’s technical indicators remain negative as it struggles to reclaim its previous highs. Despite its RSI nearing oversold levels, sustained high volume during the recent decline signals a more cautious approach from investors.
In conclusion, the crypto market remains volatile, with SHIB facing downward pressure, DOGE showing signs of potential recovery, and Bitcoin trying to hold on to the crucial $60,000 level. Traders and investors should closely monitor these developments to assess the broader market sentiment and potential price movements in the near term.
