$DOGE Bitcoin Surge Drains Altcoin Liquidity (Neutral-to-Bearish)

Macro Shift:
Bitcoin dominance climbed to 58.66%, up 0.09% in 24 hours, as traders rotate into BTC ahead of Federal Reserve Chair Jerome Powell’s keynote speech at Jackson Hole.

With macro uncertainty looming, investors are favoring perceived safety over speculative assets.

Impact on DOGE:

This flight to quality is particularly painful for meme coins like Dogecoin, which thrive on loose liquidity and risk-on behavior. DOGE’s correlation with Bitcoin has slipped to 0.76, well below its 90-day average of 0.89—suggesting it’s beginning to decouple, potentially leaving it more vulnerable to independent downside.

Additionally, DOGE’s 24-hour turnover ratio of 6.39% (CoinMarketCap) reflects relatively thin order books, making price swings more volatile during periods of intense selling.