Dogecoin down 20.1% in October so far, heading for second straight losing 'Uptober'
In brief
- DOGE was down 20.1% for October as of Oct. 31, per CryptoRank data cited by U.Today.
- The 20.1% figure is month-to-date; October had not closed when the report ran.
- Last October, U.Today reported a roughly 20% DOGE loss as well.
- The slide ended August and September gains, erasing much of DOGE's 31.2% Q3 rise.
A second losing October
U.Today, citing CryptoRank's historical data, reported that DOGE also lost roughly 20% last October. If this month also closes lower, it'll be the second year in a row that Dogecoin has posted a loss for the month, which the outlet described as a continuation of last year's negative trend.
The timing is what makes it stand out. "Uptober" is shorthand for the historically strong October returns of major cryptocurrencies (that's how U.Today defines it, anyway), and plenty of people in the market went into the month expecting a repeat. The outlet said the data drew attention from market participants because the decline came despite heavy optimism about October.
It didn't play out that way for DOGE.
Q3 gains given back
According to U.Today, October's drop ended a two-month run of gains in August and September. Dogecoin rose 31.2% between July and September, the outlet reported, and this month's slide has erased a significant portion of those third-quarter gains.
So a strong summer stretch has largely been handed back in a single month. The 20.1% figure is still provisional, though. It reflects CryptoRank's data before October closed, and the final monthly number could come in different.
What comes next
U.Today said it's uncertain whether Dogecoin can pick up pace in the last two months of the year and finish strong. The report doesn't make a call on Q4 either way, and we're not adding one here. What the data shows so far is narrower than that: a meme token that came into October with momentum and is ending it well below where it started, for the second year running.
Frequently asked questions
What does 'Uptober' mean in crypto?
U.Today describes 'Uptober' as a term for the historically strong October performances of major cryptocurrencies. Dogecoin went against that pattern this year and was down 20.1% for the month as of Oct. 31, according to CryptoRank data cited by the outlet.
Is this the first time Dogecoin has lost value in October?
No. U.Today reported, citing CryptoRank data, that DOGE also fell roughly 20% last October. If this month closes lower too, it'll be the second year in a row that Dogecoin has posted an October loss.
