Why Is Dogecoin Crashing Today?

Dogecoin DOGE/USD traded 10% lower over the past 24 hours to $0.284 early Tuesday.

What’s Moving? The Shiba Inu-themed coin was up 2.8% over a seven-day trailing period. 

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE fell 8.23% and 4.15% respectively.

Since the year began, DOGE is up 4864%, having hit an all-time high of $0.74 in early May.

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Why Is It Moving? At press time, all major coins were trading in the red and DOGE was no exception as the global cryptocurrency market cap stood at $2.26 trillion, a drop of 4.3% over 24 hours.

DOGE attracted relatively low interest on Twitter on Tuesday morning as it trailed several cryptocurrencies in terms of the number of mentions, as per data from Cointrendz.

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Solana SOL/USD attracted the most interest with 8,880 tweets, while DOGE was mentioned in 2,033 tweets at press time.

Three popular technical analysts — Justin Bennett, Scott Melker, also known as The Wolf of All Streets, and pseudonymous analyst Altcoin Sherpa — made bullish observations on DOGE over the weekend.

Altcoin Sherpa said it’s not a question of "if" DOGE will hit $1, but "when." Melker said DOGE “looks ready to levitate back” to the $0.35 level. 

Meanwhile, Wifedoge WIFEDOGE/USD, a token that calls itself wife of DOGE, saw its market capitalization rise to $2.32 million last week, with gains of over 3,000% in market cap in just a single day.

Wifedoge has reserved 5% of its coins for Tesla Inc TSLA CEO Elon Musk, which the project said will be given to him “at the right time.”

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