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Dogecoin Creator Appeals to Coinbase Exchange Regarding Crypto Traders' Sentiment

Mon, 03/07/2022 - 12:07
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Arman Shirinyan
The creator of the first memecoin asks Coinbase to stop pressuring investors with constant negative price updates
Dogecoin Creator Appeals to Coinbase Exchange Regarding Crypto Traders' Sentiment
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The creator of the first meme-currency Dogecoin, Billy Markus, addressed one of the biggest cryptocurrency exchanges in the industry—Coinbase—and asked them about the necessity of constant price updates during complicated market conditions.

The Dogecoin community also supported Markus and called out Coinbase, saying that there is no need to remind users about the declining performance of various cryptocurrency assets, even those that are not being tracked by investors.

Many commentators noted that by constantly showing strong cryptocurrency drops on the market, companies are putting an unnecessary amount of psychological pressure on investors.

Social indicators show fear

There are a variety of social indicators that track sentiment among investors, and during the correction, most of these metrics dropped significantly, suggesting that there is uncertainty on the market.

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The most famous indicator that uses sentiment in the crypto community, the Fear and Greed index, is currently remaining in the "fear" zone, suggesting that most of the market is still not ready to make major moves or even buy new currencies.

The aggravation of the correction on the market is the main reason behind increased panic among investors. The majority of digital assets have lost over 50% of their value because of the risk-off tendencies on financial markets and outflow of funds from the crypto industry.

Memecoins like Dogecoin and Shiba Inu are also experiencing one of the worst trading periods in their history, with both assets losing over 60% of their value from the current ATH. At press time, Dogecoin trades at $0.1 while remaining in a seven-day correction cycle.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.