Risk assets began September in the red, extending a historically weak pattern often called “Rektember.” Dogecoin co-founder Billy Markus, known on X as Shibetoshi Nakamoto, reacted to the broad sell-off with a sarcastic post: “September starting great as always.” The screenshot he shared showed the S&P 500 and cryptocurrencies including Bitcoin, Ethereum, Solana, and Dogecoin trading lower.
According to CoinGlass data, more than $361 million in crypto positions were liquidated across the market in the previous 24 hours. The pressure was amplified by renewed rate expectations after Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole speech last Friday, which stressed elevated inflation. Markets now assign a 66% probability to a 25-basis-point rate hike at the Fed’s September 16 meeting, with another potential hike priced in before year-end.
The decline has hit Dogecoin particularly hard. At the time of writing, DOGE was down 1.41% over 24 hours to $0.081 and down 4.90% weekly. The meme coin slipped out of the top 10 cryptocurrencies by market capitalization, falling to 11th place with a market cap of $12.74 billion. DOGE had seen profit-taking after reaching $0.1 on August 22, and the pullback drove it to a low of $0.08. September has historically been Bitcoin’s worst-performing month since 2013, averaging a loss of roughly 3% and posting only five positive monthly returns. Similarly, the S&P 500 has recorded a negative average return in September since 1975.
