On Wednesday, Dogecoin price continued its downward trend. Down 50% from its yearly high, DOGE is 75% below its all-time high. Here are three reasons why it continues to lose money among investors:

Competition from new meme coins: Dogecoin fell due to competition from new meme coins such as Pepe, Dogwifhat, Bonk and Brent. These tokens have surged more than 200% this year, making them some of the best performers in the crypto industry.

Crypto fear and greed index dropped: Another reason why Dogecoin and other cryptocurrencies are pulling back is that investors are starting to get scared. The fear and greed index fell from 90.35, the highest level of the year, to 48.

Dogecoin price death cross approaching: DOGE price is pulling back due to risky patterns. Technically, the coin is about to form a death cross pattern where the 200-day and 50-day moving averages cross each other. If this pattern occurs, it means that the sale of the coin will accelerate. 😔