Why Is Dogecoin Crashing Today?

Dogecoin DOGE/USD traded 11.24% lower at $0.20 over 24 hours at press time amid plunging global cryptocurrency market capitalization, which fell 5.65% to $1.47 trillion.

What Happened: While DOGE fell over the course of the day, for the week, the Shiba Inu-themed coin is up 22.51%. 

Against major cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 8.23% and 5.58% lower respectively over 24 hours.

Since the year began, DOGE has surged 3,454.48%.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: DOGE slid with the broader cryptocurrency market in the early hours of Tuesday as Amazon.com, Inc AMZN denied press reports that it was gearing up to accept BTC later in the year.

See Also: Even A Tanking Bitcoin Is Good For Coinbase's Business, Goldman Sachs Says As It Reiterates Buy Rating

Dogecoin was among the top ten trending coins on Twitter Inc’s TWTR platform on Monday.

Analysis from eToro USA and TIE indicates that Tesla Inc TSLA CEO Elon Musk’s Twitter comments caused BTC to fall and DOGE to rise in the second quarter.

Musk’s comments reportedly caused DOGE to rise on average by 8.4%, 24 hours after he made them, while the comments led to a 1.6% fall in BTC prices in a similar period.

Read Next: Elon Musk Suggests Tesla Could Resume Accepting Bitcoin Soon