Dogecoin Cofounder Reacts as September Market Selloff Liquidates $361M
In brief
- September opened with cryptocurrencies trading in red following Fed Chair Kevin Warsh's hawkish Jackson Hole speech.
- Dogecoin cofounder Billy Markus posted sardonic comment 'September starting great as always' with screenshot of red assets.
- $361 million in crypto positions liquidated in 24 hours; DOGE fell to 11th place at $12.74 billion market cap.
- September historically ranks as S&P 500's worst month since 1975, averaging 3% loss; Bitcoin's worst month since 2013.
The September Curse Returns
Risk assets opened September in decline, triggering a cascade of liquidations across crypto markets. In the last 24 hours, $361 million in crypto positions were liquidated, according to market data. The pressure has been broad-based, sparing neither major cryptocurrencies nor traditional equities.
Dogecoin cofounder Billy Markus, who operates under the handle Shibetoshi Nakamoto on X, captured the moment with characteristic humor. His post reflected the frustration many traders feel as September unfolds the way it historically does.
Dogecoin's Ranking Slips
The decline has hit Dogecoin hard. DOGE was down 1.41% in the last 24 hours to $0.081 and down 4.90% weekly. More significantly, the latest drop has forced Dogecoin out of the top 10 cryptocurrencies by market cap, now ranking as the 11th largest cryptocurrency with a market cap of $12.74 billion.
The slide follows profit-taking that began shortly after DOGE reached $0.1 in late August. Dogecoin saw profit-taking shortly after reaching $0.1 on August 22, with the declines pulling it to a low of $0.08.
Why September Matters
The timing isn't coincidental. September has historically been a poor month for financial markets, including Bitcoin and other risk assets. The data backs this up. September has been Bitcoin's worst-performing month on average since 2013, producing a loss of around 3% and only producing five positive monthly returns.
Broader markets show the same pattern. Since 1975, it has been the only month in which the S&P 500 saw a negative average return.
This month's selloff carries extra weight because of monetary policy. Markets are now pricing in a 66% probability of a 25-basis-point rate hike at the Fed's Sept. 16 meeting, following Fed Chair Kevin Warsh's hawkish Jackson Hole speech last Friday emphasizing elevated inflation.
