DOGS, SEI, and POPCAT Face Unique Challenges Amid Broader Crypto Market Downturn

The cryptocurrency market has experienced a significant downturn today, with the global market cap shrinking by 2.71% to $2.17 trillion at press time.

The cryptocurrency market experienced a downturn on Friday, with the global market cap shrinking by 2.71% to $2.17 trillion at press time. Among the most affected coins were meme coin Dogecoin knockoff (DOGS), layer-1 blockchain Sei Network (SEI), and meme coin Popcat (POPCAT), each facing unique challenges amid the broader crypto market’s decline.

Let’s delve into the recent performance and issues facing these cryptocurrencies.

DOGS sees a tumultuous ride despite initial success

DOGS, a new meme cryptocurrency on the TON blockchain, made a remarkable entrance by achieving a trading volume of $2.5 billion within the first 24 hours of its launch.

This rapid adoption catapulted DOGS to become the seventh most popular cryptocurrency, with a market capitalization peaking at $900 million, surpassing projects like Flow and BitTorrent.

However, the initial success was marred by technical difficulties on the TON blockchain, impacting applications such as Wallet and Tonkeeper.

Despite its substantial launch, DOGS experienced a dramatic 25% price drop shortly after being listed on major exchanges like Binance and OKX after technical issues on the TON blockchain. Although the price has eventually stabilized at around $0.0012, it is still 23.59% lower than its launch price.

Nevertheless, these challenges have not prevented DOGS from entering the top 100 cryptocurrencies by market cap, where it currently holds the 96th position with an estimated market capitalization of $630 million.

Additionally, despite criticisms and a surge of fake clones, the original meme coin still boasts a large community and a significant presence in the meme coin sector.

SEI bullish trend under threat

SEI has seen a dramatic 37% increase in value over the past six days, reflecting a strong bullish trend. The cryptocurrency has been trading within a range of $0.24 to $0.4 over the last two months, with the mid-range level at $0.32.

Technical indicators support SEI’s bullish outlook. The MACD made a bullish crossover, and the OBV has breached previous highs, suggesting increased buying volume. Moreover, Open Interest has nearly doubled in the past four days, rising from $40 million to approximately $77 million indicating that speculators are optimistic about further gains.

However, despite these positive signals, SEI has witnessed an 8.5% decline over the last 24 hours causing panic among traders seeing that the token is currently trading 11.62% lower over the past month.

POPCAT struggling amidst market fluctuations

POPCAT has also faced its share of difficulties despite its initial rise. Trading at $0.693, POPCAT has seen a 4.4% decline in the past 24 hours, eating into the past week’s gains of over 59%.

Recent performance data reveals a mixed trend for POPCAT. While it has experienced significant gains over the past week, the 30-day change stands at -15.1%, and it remains flat over the past year. These fluctuations highlight the challenges POPCAT faces in maintaining stable growth amidst the broader market downturn.

Besides DOGS, SEI, and POPCAT, other major cryptocurrencies including Worldcoin (WLD), Aave (AAVE), Lido DAO (LDO), Akash Network (AKT), and dogwifhat (WIF), Arbitrum (ARB), Celestia (TIA), and Uniswap (UNI) among others have also seen substantial price declines.

Turning to the three that we focused on in this article, while both DOGS and SEI have shown potential for recovery and growth, POPCAT’s performance has been more volatile, reflecting the broader uncertainties in the cryptocurrency market.

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