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The majority of cryptocurrencies, including Dogecoin, are trading down early Sunday session.
At the time of writing, Dogecoin was down 1.41% in the last 24 hours to $0.16, extending a downturn that saw Bitcoin close its worst week since March.
Dogecoin fell for four consecutive days spanning from Tuesday to Friday to mark a red week, closing the week down 10.49%, according to TradingView data.
The crypto market remains under strain after $19 billion in liquidations in Oct. 10's flash crash wiped out over $1 trillion from the total market value of all cryptocurrencies.
Liquidations in long positions have been significant, with open interest in crypto futures struggling to recover since the market crash in early October. The Fear and Greed Index is at 18, indicating "extreme fear," which demonstrates increasing expectations for further sell-offs.
What a DOGE do?
Amid the current sentiment in the market, Dogecoin in its usual lighthearted manner intended to inject a little bit of fun as it tweeted via its official X account: "It weekemd. What a DOGE do?"
Dogecoin's lighthearted and humorous nature perfectly aligns with its ethos as a fun currency. Its playful nature and grassroots origins have endeared it in the crypto market, now ranking as the ninth largest cryptocurrency with a market cap of $24.4 billion.
Notable buzz has of late revolved around Dogecoin; Elon Musk recently posted a picture of a Shiba Inu, Dogecoin’s mascot. In an X post, Musk posted a meme of a Shiba Inu playing a banjo.
House of Doge partner 21Shares recently launched two top 10 crypto index ETFs that included DOGE, with potential Dogecoin news in relation to 21Shares to be announced in the days ahead.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team