📉Dogecoin (DOGE) continues its downward trend, dropping over 4% on Wednesday. The coin is now nearly 50% down from its peak this year. Three key factors are contributing to this:

1️⃣ Rising competition from newer meme coins like Pepe and Dogwifhat, which have seen over 200% growth this year and higher trading volumes than DOGE.

2️⃣ The crypto fear and greed index has slipped to a neutral 48, indicating potential movement to the fear zone. This usually signals a retreat in crypto and stock markets.

3️⃣ DOGE is nearing a 'death cross' pattern, a bearish signal that could accelerate the sell-off.

What's your take on DOGE's future? Share your thoughts below! 👇🐕‍🦺💭