Dogecoin (DOGE), $1 Billion Liquidation 'Shock'...Official Account Also Warns of Bear Market

▲ Dogecoin (DOGE), bear market/AI-generated image

Dogecoin (DOGE) attracted investors' attention by satirizing the bear market sentiment through its official X account amidst the overall cryptocurrency market's $1 billion liquidation shock.

According to U.Today, a cryptocurrency specialized media outlet, on June 25 (local time), the official Dogecoin X account stated, “Someone needs to tell the charts to stop doing downward dog.” This remark garnered interest from the cryptocurrency community as the downtrend continued across multiple time frame charts.

According to CoinGlass data, positions worth $1 billion were liquidated in the cryptocurrency market over the past 24 hours. Long position liquidations, which bet on price increases, amounted to approximately $778 million, while short position liquidations totaled $222 million.

Dogecoin continued its two-day downward trend in Wednesday's session, falling to $0.072 before paring some of its losses. The decline rate over the past 24 hours was 3.14%, and it fell 10% on a weekly basis. Dogecoin closed lower in 7 out of 10 trading days since June 14.

U.Today reported that the cryptocurrency market has been in a bear market for over 8 months, with macroeconomic pressures and internal industry woes acting in concert. Funds are reportedly moving to AI stocks, popular IPOs, and prediction markets.

Short-term variables include the US cryptocurrency market structure bill and the Personal Consumption Expenditures (PCE) price index. The US crypto market structure bill has approximately 5 weeks left to pass key legislative hurdles before Congress's summer recess, and the PCE index, to be released at 8:30 AM ET on Thursday, is considered a variable that will determine the direction of stock and crypto markets.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*