Dogecoin is on track to close October with a loss of about 20%, missing the bullish expectations tied to 'Uptober'. The drop repeats last year's October result and ends a two-month run of gains.
Dogecoin posted a negative return of 20.1% in October, according to CryptoRank data. That falls short of the 'Uptober' expectations, a term for the historically strong October performances of major cryptocurrencies.
The largest meme coin by market capitalization is heading toward a second consecutive October loss, after it recorded a 20% loss in the same month last year.
October breaks a two-month winning streak
However, the decline has also broken the streak of gains posted in August and September. The source describes the shift as a sudden flip in market sentiment.
The data has drawn attention from market participants, because the drop came despite the optimism surrounding October, a month traditionally recognized as strong for major cryptocurrencies.
Third-quarter gains partly reversed
The downturn has also reversed some of Dogecoin's third-quarter gains. Dogecoin rose 31.2% between July and September and closed the quarter at $0.09447.
In October, the asset fell to $0.07197, wiping out a significant portion of those gains.
The October loss marks a weak start to the final quarter, and it remains uncertain whether Dogecoin can pick up pace over the remaining two months and close the year on a stronger note.
Source: U.Today
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