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September has begun on a familiar note for risk assets, with cryptocurrencies and other markets trading in the red. The ongoing drop in the market has sparked a reaction from Dogecoin co-founder Billy Markus, who goes by Shibetoshi Nakamoto on X.
"September starting great as always," Markus wrote in an X post, alongside a screenshot showing several assets, including the S&P 500 and cryptocurrencies such as Bitcoin, Ethereum, Solana, and Dogecoin in red.
In the last 24 hours, $361 million in crypto positions have been liquidated across the crypto market, according to CoinGlass data.
The Dogecoin co-founder's comment of "September starting great as always," amid a market selloff appears to be a tongue-in-cheek observation about the widespread red seen across the board.
September has historically been a poor month for financial markets, including Bitcoin and other risk assets.
Commonly referred to as "Rektember," 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. The month of September is also a negative one for traditional markets. Since 1975, it has been the only month in which the S&P 500 saw a negative average return.
This history makes the start of September particularly sensitive for traders who are watching for clues on whether the bearish narrative may flip or hold.
Dogecoin price
At the time of writing, DOGE was down 1.41% in the last 24 hours to $0.081 and down 4.90% weekly.
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.
Dogecoin saw profit-taking shortly after reaching $0.1 on August 22, with the declines pulling it to a low of $0.08.
Rate expectations contributed to the market selling pressure following Fed Chair Kevin Warsh's hawkish Jackson Hole speech last Friday, which emphasized elevated inflation. Markets are now pricing in a 66% probability of a 25-basis-point rate hike at the Fed's Sept. 16 meeting, followed by another potential rate hike by the end of the year.
Dan Burgin
U.Today Editorial Team
