Why Is Dogecoin Crashing Again Today?

Dogecoin DOGE/USD crashed 19.99% to $0.24 in the early hours of Wednesday.

What’s Moving? The meme cryptocurrency was down 13.07% over a seven-day trailing period at press time.

Against Bitcoin BTC/USD and Ethereum ETH/USD, Dogecoin traded 6.7% and 4.87% lower, respectively.

Since the year began, the Shiba Inu-themed coin has returned 4,188.66%.

Why Is It Moving? DOGE fell in tandem with other major coins on Wednesday as the global cryptocurrency market cap fell 15.52% to $2.01 trillion.

At press time, DOGE did not attract high interest on Twitter and was mentioned in 537 tweets over 24 hours, as per Cointrendz data.

The highest interest was seen in BTC and ETH, which were mentioned 3,857 and 1,939 tweets respectively over 24 hours.

See Also: How To Short Dogecoin

Mike Novogratz, a long-term Bitcoin bull and Dogecoin bear, described the latest crash in the cryptocurrency market as "little air being popped out of the balloon" as investors brought most virtual assets in the overbought territory in recent weeks.

Coinbase Inc. COIN clashing with the SEC is also fueling bearish sentiments, with the cryptocurrency exchange's CEO Brian Armstrong describing the regulator's behavior as "sketchy."

Among Dogecoin-specific news, the original Doge meme's non fungible token (NFT) enjoyed an implied valuation of $213.9 million at press time. The now-fractionalized NFT touched a valuation of nearly $336 million earlier in the week. 

Meanwhile, a new DOGE-themed chicken takeout and delivery-only restaurant in Los Angeles is offering such as Doge Chicken Sandwiches and Doge Fries.

The sandwiches feature a Shiba Inu stamped bun and the loaded fires include coleslaw, fried chicken tender pieces, pickles, and Moon Sauce.

Read Also: How Is 'Ethereum Killer' Solana Bucking The Crypto Crash That Has Proven Brutal For All Other Major Cryptocurrencies?