Dogecoin has once again failed to meet the bullish expectations of 'Uptober,' a term used to describe the historically strong October performances for all major cryptocurrencies year over year.
The world's largest meme token by market capitalization is headed towards concluding the month with another massive loss, just like it did last year.
While this is marking the second consecutive year Dogecoin would record a loss for the widely-praised month, the asset has extended the negative trend recorded in October 2024.
Dogecoin mirrors 2024 loss
Historical data showcased by CryptoRank shows that DOGE has posted a negative return of 20.1% this October, after it recorded a 20% loss in the same month last year.
While this shows that the asset has performed the same way in both years, the data has drawn attention from market participants as the decline has come despite the massive optimism surrounding October, a month traditionally recognized as a strong month for all major cryptocurrencies.
In addition to the extended Uptober failure, the decline recorded this month has broken the two-month streak of consistent gains posted in August and September, marking a sudden flip in market sentiment.
Dogecoin's fate at end of year
The data further showed that the sharp downturn seen this month has reversed some of Dogecoin's gains achieved during the third quarter of the year.
While Dogecoin had recorded a 31.2% increase between July and September and closed the quarter at $0.09447, the negative trend seen this month has seen the asset fall to $0.07197 in October, wiping out a significant portion of those gains.
With the October loss already representing a weak start to the last quarter of the year, it remains uncertain if Dogecoin will be able to pick up pace in the remaining two months and close the year on a stronger note.