Dogecoin and HYPE Post Steepest Weekly Declines as AI Stocks Steal the Spotlight

The past week proved rough for the broader crypto market, with Dogecoin and Hyperliquid's HYPE token emerging as the biggest losers among major digital assets. Both coins shed roughly 10% of their value as capital continued migrating toward equities tied to the artificial intelligence revolution, leaving crypto largely on the sidelines.

Dogecoin declined 9.6% over the seven-day period, settling near $0.076, while HYPE posted an even steeper drop of 9.9% — the sharpest fall recorded among top-tier tokens during the stretch. Ether wasn't spared either, tumbling 8.4% to approximately $1,581, and XRP slipped 7.8% to $1.06. Solana and Tron showed comparatively stronger resilience, finishing the week essentially flat at around $72 and $0.32, respectively.

Bitcoin held up better than most, though it still registered a 5.3% weekly loss, trading near $60,345 on Saturday. The flagship cryptocurrency briefly dipped to roughly $58,800 on Friday before bouncing back, a pattern that market watchers attributed to a mix of forced liquidations and opportunistic buying.

"Bitcoin approached $58K at its lows late Thursday and early Friday, but in both cases, aggressive buying quickly pushed it back into the $60K range," said Alex Kuptsikevich, chief market analyst at FxPro. "This pattern resembles margin position liquidations during downtrend spikes, followed by strong buying on pending orders during the recovery."

Kuptsikevich also cautioned investors to brace for further volatility. "Given deteriorating sentiment among institutional investors and their ability to quickly divest from cryptocurrencies to stabilise their balance sheets, it is worth preparing for continued pressure and periodic sell-off spikes by leveraged traders," he noted.

The stark contrast between crypto and equities continued to define market dynamics. Wall Street experienced a notable rotation away from semiconductor giants — which had powered much of the recent bull run — and toward a wider universe of companies with steadier growth profiles. The standard S&P 500 closed relatively unchanged on the week, but the equal-weighted version of the index, which neutralizes the outsized influence of mega-cap names, reached an all-time high. Easing oil prices also contributed to improved equity sentiment, even as chip stocks gave back some ground.

The pullback in semiconductor shares reflects a broader recalibration of AI-related enthusiasm. While few analysts are declaring the AI trade dead, the assumption that those stocks can only move higher is increasingly being questioned. Crucially, the money flowing out of chipmakers appears to be redistributing across the rest of the stock market rather than exiting risk assets entirely — and crypto has not been a beneficiary of that rotation.

Several headwinds remain uniquely burdensome for digital assets. Persistent outflows from U.S. spot Bitcoin ETFs, a Federal Reserve still committed to its hawkish stance, and a strong U.S. dollar have all weighed on crypto throughout the week. Adding to the concern, Bitcoin continues to hover around its 200-week moving average — a long-term technical level historically associated with prolonged periods of weakness.

Risk appetite across financial markets hasn't disappeared, but it has become highly selective. For now, that selectivity is working against the crypto sector, as investors chase AI-driven narratives in equities while digital assets struggle to find a compelling catalyst of their own.