Why Is Dogecoin Dropping Lower Today?

Dogecoin DOGE/USD traded 6.81% lower at $0.29 over 24 hours in the early hours of Wednesday.

What’s Moving? DOGE was down 2.77% over a seven-day trailing period.

The Shiba Inu-themed coin fell 3.25% and 1.74% against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours.

DOGE’s year-to-date gains stood at 5,081.35% at press time.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved in tandem with other major cryptocurrencies early Wednesday as the global cryptocurrency market cap fell 3.37% to $2.08 trillion.

DOGE attracted 1,387 tweets at press time and was among the top ten mentioned cryptocurrencies on Twitter Inc’s TWTR platform at press time, according to data from Cointrendz.

On Tuesday, PAWS Chicago, an organization working on building No Kill animal communities, said it would accept donations in DOGE and other cryptocurrencies.

This week, a picture of a Shiba Inu dog called Kabosu titled the “Fiesty DOGE NFT” briefly emerged as the world’s most valuable non fungible token or NFT.

Benzinga’s Tyler Bundy noted that DOGE is falling back towards a potential support area and has been forming a cup pattern higher toward resistance.

Bundy said that the $0.45 level has acted as resistance in the past and could do so again should the cryptocurrency reach that level.

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