[Digital Today reporter Yoonseo Lee (이윤서)] As risk assets broadly weakened in September, including cryptocurrencies and U.S. stocks, Dogecoin co-founder Billy Markus also referred to the selloff.

On Sept. 2 (local time), blockchain outlet U.Today reported that Markus wrote on X, formerly Twitter, "September is starting great as always," and posted a screen showing declines across the S&P 500, Bitcoin, Ether, Solana and Dogecoin.

The remark was closer to a sarcastic reaction to a market-wide selloff. In the crypto market, positions totaling $361 million were liquidated over the past 24 hours. Market participants are watching whether the early-September weakness will be limited to a short-term correction or turn into a sustained decline.

Dogecoin also failed to avoid the downturn. Dogecoin fell about 1 percent over 24 hours to $0.081, and was down about 6.5 percent over the past week. On Sept. 1, its market-cap ranking slipped to 11th at one point, and its market value was estimated at $12.74 billion.

Judging by price action alone, Dogecoin came under downward pressure after reaching $0.10 on Aug. 22, as profit-taking quickly emerged. Losses then deepened and the price was pushed down to around $0.08. This is seen as reflecting broader risk-off sentiment across the market rather than weakness limited to the token itself.

Caution over September weakness is also tied to past patterns. Markets have viewed September as a typical weak stretch for Bitcoin. September, known as "Red September," has posted an average monthly return of about a 3 percent loss for Bitcoin since 2013, and it recorded positive monthly returns only five times.

Traditional markets are no exception. September was the only month in which the S&P 500 index posted a negative average return since 1975.

Macro variables are also weighing on sentiment. Markets increased selling pressure after hawkish comments at Jackson Hole last Friday by Kevin Warsh, the chair of the U.S. Federal Reserve. Warsh underscored high inflation, and concerns over rate hikes grew again. Markets currently price in a 66 percent chance of a 0.25 percentage point rate hike at the Federal Open Market Committee meeting on Sept. 16, and are also leaving open the possibility of additional increases by year-end.

Along with that, markets are focused on whether September weakness will repeat. With Bitcoin, major altcoins and U.S. stocks falling at the same time, Dogecoin is also increasingly likely to be influenced more by macro factors and shifts in risk-asset sentiment than by token-specific drivers. For now, a bigger focus than whether Dogecoin can stay in the top 10 by market value is whether the bearish momentum that formed in September will persist.

september starting great as always pic.twitter.com/9pjISihNg1