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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. DOGE is currently trading below $0.146.
However, Dogecoin is not the only meme coin to struggle. A sea of red has swept the leading projects, with the sector’s total market cap down by 5.9% over the past 24 hours.
Market leaders like Shiba Inu and Dogwifhat are down 3.5% and 14.1%, respectively.
Nevertheless, many new meme coins have experienced business as usual. One of the most promising is Dogecoin20, which is approaching a Doge Day exchange launch after a monumentally successful presale.
Analyst says Dogecoin20 has “great potential” ahead of DEX listing today
Pioneering the next generation of meme coins, Dogecoin20 (DOGE20) has enjoyed unwavering success, raising $10 million during its presale phase.
And now, the token is gearing up for today’s DEX launch on Uniswap, marking the first time that DOGE20 can be traded on the open market.
This has prompted leading market analysts to take note and provide exciting comments about its future.
Prominent low-cap gem hunter ClayBro said that it has “great potential” to pump once it hits Uniswap today.
Meanwhile, Michael Wrubel also recently covered the project, telling his 311K YouTube subscribers he is “bullish” on DOGE20.
The main factor driving hype around Dogecoin20 is its staking utility and fixed supply.
Dogecoin20 will have a fixed supply of 140 billion tokens – at odds with the original Dogecoin’s unlimited supply.
The meme coin also introduces a Stake-to-Earn mechanism, providing holders with passive rewards while they contribute to the network’s security and stability.
Currently, DOGE20 holders can garner a 45% APY, but this will decrease as more tokens are staked.
All in all, in a sea of no-utility meme coins, DOGE20 aims to stand out from the pack.
As such, all eyes will be on its market performance today to determine whether there’s real substance behind the enormous hype.
To learn more about this project, visit the DogeCoin20 website.
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This article first appeared at crypto.news
