A crypto trader is expressing bearish sentiment on Dogecoin (DOGE) amid the downturn in the market.
Pseudonymous analyst Altcoin Sherpa tells his 11,000 YouTube subscribers that the memecoin Pepe currently looks more promising than Dogecoin.
“I think that PEPE is probably just a better buy than DOGE. I say that as a PEPE bag holder so obviously I’m biased. But I think that given that Dogecoin is so high up relatively market cap…”
PEPE, which has a market cap of just under $473 million, is trading at $0.00000107 at time of writing, up by around 1,845% from its April 19th price of approximately $0.000000055. Dogecoin has a market cap of slightly over $8.9 billion at time of writing.
According to Altcoin Sherpa, Dogecoin is exhibiting bearish price action and could plunge by up to around 21% from the current level.
“I think that this is just mostly going back down lower to the $0.05. Maybe not $0.05 exactly but like $0.055 or something like that. It seems logical. [Dogecoin] doesn’t look great.”
Dogecoin is trading at $0.0634 at time of writing.
On the upside potential of the leading memecoin, the crypto trader says,
“I do think that Dogecoin is nearly locked to pump eventually. But it’s so high up relatively in market cap that it’s a little bit different these days.”
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