Why Is Dogecoin Moving Today?

Dogecoin DOGE/USD traded 4.71% lower at $0.18 at press time in the early hours of Friday.

What Is Moving? DOGE has fallen 10.59% for the week. Against the two largest cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, the coin has fallen 2.12% and 2.66% respectively.

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While DOGE has plunged over 42% over the last 30 days, another Dog-themed coin has followed a different trajectory in this period. Baby Doge Coin BABYDOGE/USD shot up 1,141.67% in the same time frame.

BABYDOGE traded 4.10% higher at $$0.000000002262 at press time.

Why Is It Moving? DOGE moved alongside other major cryptocurrencies such as BTC and ETH into the red. A factor in the downturn among the lead cryptocurrency, Bitcoin, is its waning popularity as evidenced by Google Trends.

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Dogecoin showed weakness at press time even though the hashtag “Dogecan” trended on Twitter. Dogecan is a reference to a DOGE-inspired fragrance due to be launched by Unilever Plc’s UL Axe brand.
Dogecoin co-creator Billy Markus noted that the body spray was trending on Twitter. Also among those who pushed #dogecoin was DOGE investor Glauber Contessoto popularly known as “SlumDOGE Millionaire.”

This week, Dogecoin’s co-creator Jackson Palmer called cryptocurrencies “an inherently right-wing, hyper-capitalistic technology” on Twitter. Palmer said he would not be returning to cryptocurrency or share thoughts on the topic again.

Dogecoin continues to show weak technicals, trading below the 30-day and 60-day moving averages with a relative strength index of 31.7 at press time.

Read Next: Think Dogecoin Days Are Over? These Indicators Suggest There's More To Come

Photo by Play Your Place On Flickr