Dogecoin Under Siege: Monero Attacker Targets DOGE as Bitcoin Stalls Below $116K
Dogecoin's sell-off deepens as shadowy forces take aim—while Bitcoin grinds below a key psychological level.
Here's what's rattling the meme coin's cage.
The Monero-DOGE Connection: An Unlikely Smackdown
An anonymous actor—previously linked to Monero network attacks—just placed a target on Dogecoin. No demands, no explanations. Just market chaos.
Bitcoin's Sideways Limbo: $116K or Bust
Meanwhile, BTC can't catch a break. Stuck below $116K, traders are stuck watching paint dry. Some 'store of value.'
Pro tip: When privacy coins and meme tokens start throwing punches, maybe just hold cash. (Kidding—we know you won't.)
DOGE leads CVD decline
DOGE's futures open-interest-adjusted cumulative volume delta (CVD) indicator has dropped nearly 1% in the past 24 hours, the largest among the top 25 cryptocurrencies by market value, according to data source Velo.
CVD, or Cumulative Volume Delta, is a technical indicator that measures the net buying or selling pressure in a market over a specific period. It is a running total of the difference between buying and selling volume.
A negative CVD indicates that selling pressure is more substantial than buying pressure. This means that a greater number of market participants are selling a particular asset than buying it. It is often seen as a bearish signal, suggesting that the price is likely to drop or continue its decline.
Most cryptocurrencies, including BTC and ETH, have a similar bearish profile. Meanwhile, LINK is the only token, boasting a positive CVD.
BTC Drops below $116K
Bitcoin (BTC), the leading cryptocurrency by market value, fell nearly to $115,000 early Monday, extending the decline from Thursday's record high of over $124,000.
The decline follows a hotter-than-expected U.S. producer price inflation on Friday, which weakened the case for a 50-basis-point Fed rate cut in September. That said, the central bank is still expected to reduce the borrowing cost by 25 basis points.
"Given the persistent uncertainty surrounding key economic indicators, the Federal Reserve has thus far maintained a cautious stance on interest rate cuts. The recent U.S. Producer Price Index (PPI) for July doesn’t make that any easier," analysts at Coinbase Institutional said in a weekly report.
"Nevertheless, we see this as an opportunity. We think the Fed's eventual focus on the broader economic picture, including the labor market, will ultimately lead to 25 bps rate cuts in September and October," analysts added.
Some observers expect the Fed Chair Jerome Powell to lay the groundwork for the September MOVE during this speech at the Jackson Hole Symposium later this week.
