The Dogecoin project's official social account has a sense of humour about its own price chart. As $DOGE shed roughly 26% of its value over the past month, the team posted a quip about "downw
The Dogecoin project's official social account has a sense of humour about its own price chart. As $DOGE shed roughly 26% of its value over the past month, the team posted a quip about "downward dog" charts, the yoga pose that apparently doubles as a candlestick pattern these days.
"somebody needs to tell the charts to stop doing the downward dog," the official Dogecoin account wrote, timing the post to coincide with what has been a sustained slide across multiple timeframes.
Dogecoin fell to a low of $0.072 during Wednesday's session before partially recovering. At the time of writing, it was still in the red, down 3.14% in the prior 24 hours to around $0.076. Since June 14, Dogecoin has closed lower in 7 of the past 10 trading days, reflecting a steady deterioration in price momentum.
The dog-themed meme coin had fallen roughly 9% in a week and nearly 24% in a month as selling pressure continued to mount.A broader drop in investor sentiment across the cryptocurrency market appears to be reflected in Dogecoin, a leading meme coin.Macroeconomic uncertainty has overlapped with internal industry issues, and market liquidity is also falling as investor money shifts to artificial intelligence-related stocks, large initial public offerings and prediction markets.
Digital assets saw roughly $1 billion in positions liquidated across the crypto market in a single 24-hour window, according to CoinGlass data.The decline triggered about $778 million in long liquidations, with short liquidations accounting for the remainder.
Bitcoin briefly slipped below the psychological $60,000 level toward $59,000, triggering a leverage-driven liquidation cascade that pushed crypto futures liquidations above $1 billion, according to CoinGlass.The liquidation data suggests that leverage, rather than spot selling alone, played a major role in the speed of the move. When heavily margined long positions are clustered around obvious support levels, a break can force automatic selling into already thin liquidity.
For now, the joke may be on the charts. But with Dogecoin trading near key technical support and broader market sentiment still fragile, the real punchline remains to be seen.
Sources:U.Today: Dogecoin X Issues 'Downward Dog' Remark Amid $1 Billion Market SelloffCrypto Briefing: Over $1B in Crypto Positions Liquidated in 24 HoursCryptoRank: Bitcoin Flushes Below $60,000 as Crypto Liquidations Top $1 Billion
