Dogecoin Tumbles Below $0.0700 as Market Sentiment Wanes Amid US-Iran Tensions

Dogecoin (DOGE) is struggling to maintain its value as market sentiment wanes, trading below $0.0700 after a 5% drop in the previous day.

The largest meme coin, with a market valuation exceeding $11 billion, has lost retail momentum due to diminishing speculative demand influenced by rising tensions between the US and Iran.

The Fear and Greed Index, tracked by CoinMarketCap, indicates a shift towards bearish sentiments, falling to 37 from 40 earlier in the week.

In the derivatives market, DOGE's futures Open Interest (OI) has decreased to $1.10 billion, indicating a slight contraction in the overall value of existing perpetual contracts.