The crypto market has been struck by relentless bearish momentum today, and Dogecoin has fared worse for wear as it slides 14%.
However, emerging presale meme coin Slothana continues to gather steam and an analyst backs it for 100x gains.
Dogecoin Dives as Fear Enters Crypto Market
The Crypto Fear and Greed Index has plunged 7 points today, falling from 79 to 72. With that, market participants have de-risked their positions, causing the total crypto market cap to fall by 6.7%.
However, Dogecoin has suffered a more devastating blow, falling by 14% today.
The recent selloff follows geopolitical woes in the Middle East, as analysts report rising tensions between nations is the root cause.
“Everything is down. Gold is down, oil is down, stocks down, Bitcoin down. Think it’s due to escalation in the Middle East,” said Steven Lubka, founder of crypto news company Swan.
However, analyst Alex Krüger believes the recent selloff may be short-lived, citing previous geopolitical conflicts and the subsequent price action.
“Military conflicts in the Middle East historically result in immediate shocks to global markets, primarily through disruptions in oil supplies. Shocks tend to be short-lived and have no long-lasting impact on risk assets,” he explained on X.
Moving to Dogecoin’s price action, technical analysts also favor a recovery. However, they are also bracing for potential consolidation or further downside before the next leg up.
For instance, CryptoAM17 said, “DOGE is not immune to the market dumping. I’ve loaded up here at $0.16 like I said I would. But I’m being super patient. It’s only a matter of time before the market reverses and DOGE runs.
Meanwhile, trader and renowned Dogecoin proponent Oliver D highlighted that Dogecoin’s selloff has retested a parallel channel support. The analyst anticipates that the move will foreshadow a decisive swing upwards.
“When you have doubts, zoom out. The big picture is still the same: it is going up,” wrote the analyst.
Despite its recent turbulence, Dogecoin’s future looks bright. However, new meme coin Slothana has continued to advance through the recent turmoil, stoking excitement that it could explode when the market recovers.
Prominent Analyst Predicts Slothana Will 100X After Raising $10M in 1 Week
The Solana meme coin presale frenzy has taken this market by storm this month. And now, the latest variation has arrived and exceeded all its peers.
Slothana is a lazy sloth-themed meme coin currently in its presale. The project follows in the tracks of Book of Meme and Slerf, which famously exploded following their respective ICOs, printing countless millionaires in the process.
BOME raised $2 million in its presale, and Slerf raised $10 million. However, the latest presale juggernaut, Slothana, eclipsed Slerf’s $10 million in its first week.
Indeed, this sets a spectacularly bullish precedent for the trending meme coin, and analysts have quickly picked up on its potential.
“Slothana could be the next 100x presale meme coin,” said analysts from the Crypto News YouTube channel.
Adding to the excitement, rumors are spreading that the Smog team is behind Slothana. Smog reached a $200 million market cap weeks after its February launch, netting early investors a 100X ROI.
However, these rumors should not be taken lightly. Beady-eyed sleuths quickly spotted a connection between the teams, with Smog commenting on Slothana’s first-ever X post.
These factors reflect the immense potential for Slothana, but traders must act fast. The presale is rapidly approaching its exchange launch, leaving little time to buy.
