As the cryptocurrency market slumped sharply, triggering $1 billion in liquidations in a day, Dogecoin’s official X account posted a message poking fun at the downturn.

On June 25 local time, blockchain outlet U.Today reported that the Dogecoin account posted on X: "Someone needs to tell the chart to stop doing downward dog."

"Downward-Facing Dog" is a yoga pose, a phrase likening the chart to a shape sloping downward. It amounts to using humor to describe the persistent decline.

The post came as the cryptocurrency market was undergoing a steep correction. About $1 billion worth of positions were liquidated over the past 24 hours, according to Coinglass. Liquidations of long positions, which bet on prices rising, accounted for most of the total at about $778 million. Liquidations of short positions, which bet on declines, were tallied at about $222 million.

Dogecoin also failed to avoid weakness. It slid as far as $0.072 intraday and fell for a second straight day before recovering part of its losses. As of the time of writing, it was at $0.076, down 3.14 percent over 24 hours and down about 10 percent over the past week.

The weak trend is also continuing. Since June 14, Dogecoin has closed lower in 7 of the past 10 trading days. A broader drop in investor sentiment across the cryptocurrency market appears to be reflected in Dogecoin, a leading meme coin.

Some in the market also assess the post as more than a simple joke, saying it is an example that symbolically shows current investor sentiment.

The cryptocurrency market has remained in a bearish phase for more than eight months. Macroeconomic uncertainty has overlapped with internal industry issues, and market liquidity is also falling as investor money shifts to artificial intelligence-related stocks, large initial public offerings and prediction markets.

Market participants are also watching variables that could influence whether prices rebound. In particular, the CLARITY Act, a U.S. congressional market structure bill, has about 5 weeks left to clear key legislative procedures before the summer recess. The industry sees whether the bill passes as a factor that could affect a recovery in investor sentiment across the cryptocurrency market.

The U.S. personal consumption expenditures (PCE) price index released on June 26 is also worth watching. A high oil price shock from the U.S.-Iran war pushed the May rise in the U.S. PCE price index to the highest level in about 3 years. That could lift expectations of interest rate hikes again, which may weigh on both stock and cryptocurrency markets.

The market expects Dogecoin’s short-term rebound will also be influenced more by macroeconomic indicators and shifts in investor sentiment than by coin-specific issues.

somebody needs to tell the charts to stop doing the downward dog pic.twitter.com/G7spjqyK1R