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Dogecoin has nosedived amid a broader market struggle, down over 7% in the past 24 hours.
However, the new meme coin Dogecoin20 (DOGE20) continues to turn heads after raising $10 million in presale – and will make its long-awaited DEX debut today.
DOGE dips as fear strikes the crypto market
The Dogecoin price has tumbled today as traders derisk from more volatile assets amid the broader market turmoil.
CoinMarketCap’s Crypto Fear and Greed Index is at 55, reflecting the highest level of fear since February.
The negative market sentiment derives from decreasing crypto prices, with the industry’s total market cap down 3.2% today. Meanwhile, market leader Bitcoin is down 3.5% in the same window.
However, Dogecoin has fared worse for wear, down 7%.
Currently, DOGE is trading at $0.145, down 7% today, 26% this week, and 2.8% this month, but up 56% this year.
It holds a $20 billion market cap and a $2 billion 24-hour trading volume, down 1.9% today.
Market uncertainty is reflected in analysts’ opinions, with CryptoAM17 recently announcing he has “placed bids” at $0.13.
“I’m not entirely convinced that we are done retracing,” he wrote.
Ultimately, the analyst attributes Dogecoin’s near-term trajectory to Bitcoin’s performance.
In another tweet, he highlighted Bitcoin’s recent pullback and underlined the importance of holding $59K, as further downside momentum could follow.
“BTC tagged the $59K – $60K level. It needs to hold here, or we get discounted prices yet again.”
Similarly, BitLuxe anticipates a deeper retracement, noting that a break below $0.146 could cause a drawdown to $0.122-$0.13.
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