Dogecoin slips 4.90% weekly as September selloff liquidates $361 million

  • Billy Markus commented on broad cryptocurrency and equity declines in an X post.
  • $361 million in crypto positions were liquidated over 24 hours, CoinGlass data showed.
  • Dogecoin ranked 11th with a $12.74 billion market cap after weekly losses.

Dogecoin co-founder Billy Markus, who uses the name Shibetoshi Nakamoto on X, responded to a broad September selloff as cryptocurrencies and other risk assets traded lower. CoinGlass data showed $361 million in crypto positions were liquidated over the previous 24 hours. Dogecoin fell 1.41% in 24 hours to $0.081 and 4.90% over the week, reducing its market capitalization to $12.74 billion and leaving it ranked as the 11th-largest cryptocurrency. The decline followed profit-taking after DOGE reached $0.1 on August 22 and later fell to $0.08. Historically weak September performance in Bitcoin and the S&P 500 has heightened trader sensitivity to whether the bearish trend continues. Rate expectations also added pressure after Fed Chair Kevin Warsh's hawkish Jackson Hole speech emphasized elevated inflation; markets were pricing a 66% probability of a 25-basis-point rate hike at the Fed's Sept. 16 meeting, with another possible increase by year-end.

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