Dogecoin (CRYPTO: DOGE) value was down sharply on Thursday, as generally worried investor base and promising developments with a rival cryptocurrency segment put a kibosh on the foundational meme coin's value.

Dogecoin had fallen nearly 14% by late that afternoon, while the S&P 500 index was down 0.5%.

Trade war blues

The trade war between the U.S. and its major trading partners continued on Thursday, with no immediate end in sight. The conflict has generally not been helpful to speculative assets such as cryptocurrencies. Dogecoin -- not nearly as useful a coin or blockchain as a growing number of altcoins -- is highly speculative even among other cryptos.