Dogecoin X Issues 'Downward Dog' Remark Amid $1 Billion Market Selloff

Dogecoin's official X handle shared a post that has caught the attention of the crypto community, even as the market faces a selloff with $1 billion wiped out in liquidations.

The Dogecoin official X account tweeted, "somebody needs to tell the charts to stop doing the downward dog."

The timing of the post coincided with a downward trend seen on price charts across multiple timeframes, even as the crypto bear market drags on.

Digital assets saw a significant drop in the last 24 hours: $1 billion in positions were liquidated across the crypto market, according to CoinGlass data.

The decline triggered about $778 million in long liquidations, or bets on higher prices that were automatically closed as the price fell, while short liquidations totaled $222 million.

Dogecoin fell to a low of $0.072 in the Wednesday session in a two-day drop before slightly recovering. At the time of writing, Dogecoin was still in the red, down 3.14% in the last 24 hours to $0.076 and down 10% weekly.

Dogecoin has steadily declined since mid-June, marking seven out of ten days in losses since June 14.

What comes next?

The cryptocurrency market is experiencing a bear market that has lasted over eight months, fueled by both macroeconomic and industry-specific headwinds. Capital has been moving into AI stocks, hot IPOs, and prediction markets.

In the meantime, the primary upside catalyst for the broader crypto industry is the market structure bill, known as the CLARITY Act, which has about five weeks to clear a key legislative hurdle before Congress's summer recess.

In the very near term, Thursday's PCE inflation print, the Fed's preferred price gauge, will be the next data point that could move the market in either direction.

The Personal Consumption Expenditures (PCE) data release is expected on Thursday at 8:30 ET. A hotter-than-expected core PCE could reinforce expectations for Fed rate hikes and potentially weigh on stocks and cryptocurrencies.