Dogecoin in Decline: The Only Top 10 Crypto Losing While BTC & ETH Thrive

Key Insights

• Dogecoin is the only top 10 crypto asset with higher realized losses than profits in the last 24 hours.
• Investor sentiment for Dogecoin is currently in the "Hope/Fear" phase, unlike Bitcoin's "Belief/Denial" or Ethereum's "Optimism/Anxiety."
• Dogecoin's price is currently range-bound between $0.163 support and $0.177 resistance.
• Despite its current underperformance, Dogecoin's "wildcard nature" still leaves the door open for a massive rally in the future.

Dogecoin, the king of memecoins, is currently underperforming compared to the rest of the crypto market.

Over the last 24 hours, the coin has recorded staggering realized losses, and is now officially the worst performer among the top 10 digital assets according to data from Glassnode.

Here’s what’s been going on with Dogecoin, especially amid its cycle of hesitation and weak sentiment.

Dogecoin Logs $132 Million in Realized Losses

According to recent data from Glassnode, Dogecoin recorded $132 million in realized losses in a single day.

In contrast, realized profits came in at just $5 million, which speaks volumes about investor sentiment.

This performance makes Dogecoin the only top 10 cryptocurrency to register more losses than gains during the same period.

Bitcoin is also worth mentioning, with its realized $1.3 billion in profits against only $33 million in losses.

Ethereum, on the other hand, also managed a relatively balanced showing with $35.2 million in realized gains and $18.4 million in losses.

The data shows that there is a major wedge being driven between the mainstream crypto market and the altcoin sector.

Investor Sentiment Shows Caution for Dogecoin

According to Glassnode’s Profit and Loss dashboard, Dogecoin is currently in the “Hope/Fear” phase of market sentiment.

This label shows that traders are unsure of the coin’s future and are likely reacting emotionally.

In comparison, Bitcoin is currently in the “Belief/Denial” phase, which shows strong investor conviction.
On the other hand, Ethereum, XRP and Tron all fall into the “Optimism/Anxiety” category, which shows that investors have some cautious sentiment, but are leaning positive.

Dogecoin being stuck in “Hope/Fear” shows that investors are not confident about its direction.

This is also interesting, considering how much hype Dogecoin and the rest of the memecoin market once enjoyed.

Price Action Is Range-Bound and Directionless

At the time of writing, Dogecoin is trading at $0.1652 after a slight 1.19% decline in the past 24 hours.

Technical analysis shows that the coin is currently trading in a tight range with short-term support near $0.163 and resistance at $0.177.

This “corridor” has capped most of Dogecoin’s recent attempts to rally and has dampened most of the momentum the memecoin needs to drive a breakout.

This said, until DOGE breaks above resistance or falls below support, analysts expect it to continue moving sideways.

Without a clear signal from the rest of the market or a surge in investor sentiment, Dogecoin is unlikely to break out of this limbo soon.

Why DOGE Struggles While BTC and ETH Thrive

One of the biggest differences between Dogecoin and the top two cryptocurrencies is the underlying fundamentals.

Bitcoin and Ethereum have become major parts of institutional portfolios via the ETF market and have experienced better adoption and regulatory clarity.

On the other hand, Dogecoin’s investor base has become relatively silent over the last few months.

Moreover, Dogecoin being a memecoin means that its price often reacts more to internet trends and celebrity tweets than actual use cases.

This makes it more likely to suffer from investor fatigue.

Still, despite its current underperformance, Dogecoin is still attracting investors across the board.

Historically, Dogecoin has had moments where community hype alone was enough to create double-digit rallies.

The wildcard nature of DOGE means that while it is currently lagging behind, it still has some room for moves to the upside under the right conditions.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.