Why Is Dogecoin Getting Dragged Lower Today?

Dogecoin DOGE/USD traded 1.62% lower at $0.27 over 24 hours in the early hours of Friday.

What’s Moving? DOGE is down 14.31% over a seven-day trailing period.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 1.97% and 1.51% lower, respectively. 

DOGE has gained 4,671.21% since 2021 began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved in tandem with major cryptocurrencies on Friday as the global cryptocurrency market cap fell 0.33% lower to $2.01 trillion. 

See Also: Bitcoin, Ethereum, Dogecoin All Slip Into Red But This Top-10 Crypto Is Bucking The Trend

At press time, DOGE was among the most mentioned cryptocurrencies on Twitter, according to Cointrendz data.

On Thursday, Glauber Contessoto, who rose to fame as the first "Dogecoin millionaire," said he was “all in” on Cardano ADA/USD.

“I’m going to start buying up as much Cardano as humanely possible with every bit of money I start making from now on,” said the popular Dogecoin investor.

Meanwhile, Su Zhu, co-founder and CEO of Three Arrows Capital, a cryptocurrency investment firm laid stress on the popularity of DOGE with “blue-collar” traders and said the meme coin shouldn’t be underestimated.

Zhu pointed to Robinhood Markets Inc HOOD and said “DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood’s revenue, so Robinhood is basically a DOGE proxy.”

Read Next: 'Dogecoin Mining' Scam In Turkey Costs 1,500 People $119M As Alleged Perpetrator Vanishes Into Thin Air