Dogecoin and Shiba Inu took the biggest hits among major tokens Thursday, each sliding 9% as a wave of selling swept across crypto markets. Bitcoin is hovering near the $60,000 mark, a level that's looked fragile since heavy volume and cascading liquidations overwhelmed support earlier this week. The decline isn't isolated — it's part of a broader risk-off move that's hitting digital assets alongside equities and commodities.
Meme coins take the hardest hit
DOGE and SHIB, the two biggest meme tokens by market cap, led the losses with identical 9% drops. Neither coin had a specific catalyst — no exchange delisting, no regulatory news. They're just the most volatile names in a market that's suddenly scared. When traders rush for the exits, speculative plays get crushed first.
Bitcoin holds above $60,000 — for now
BTC's been testing that round number all week. It hasn't broken below it yet, but the selling pressure is real. Heavy volume hit several exchanges simultaneously, and liquidation data shows long positions were wiped out across multiple platforms. The question now is whether $60,000 acts as support or just a speed bump on the way down.
Liquidations add to the squeeze
The sell-off triggered a cascade of forced liquidations, which in turn accelerated the declines. Total liquidations across major exchanges climbed sharply Thursday afternoon, with most of the damage concentrated in leveraged long positions. That's the kind of mechanical selling that can turn a routine dip into a rapid rout — and that's exactly what traders saw during the worst of the afternoon slide.
What's behind the broader risk-off mood
The crypto sell-off didn't happen in a vacuum. Stocks were lower Thursday, and bond yields ticked up as macro uncertainty returned to the forefront. Crypto tends to trade like a high-beta risk asset, so when the mood sours on Wall Street, it usually sours faster here. Thursday's action looks like more of the same: traders dialing down exposure across the board, with meme coins bearing the brunt.
The next few sessions will determine whether Bitcoin can defend $60,000. If it does, the bounce could be sharp. If it doesn't, the liquidation cascade might have another chapter.
