What's Going On With Dogecoin Today?

Dogecoin DOGE/USD traded 0.39% lower at $0.24 over 24 hours at press time in the early hours of Monday.

What’s Moving?  The meme cryptocurrency has fallen 23.12% over a seven-day trailing period.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 0.44% and 0.53% higher, respectively.

Since the year began, DOGE has risen 4123.42% touching an all-time high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE declined with other major cryptocurrencies on Monday as the global cryptocurrency market cap fell 1.23% to $2.05 trillion.

DOGE did not attract high interest on Twitter at press time as it was mentioned in 1,168 tweets, as per Cointrendz data.

The highest mentions were received by BTC and Solana SOL/USD, with 5,351 and 4,110 tweets, respectively.

Despite the fall in major coins on Sunday, analysts are positive on the state of the market, with Willy Woo noting that small investors continue to stock BTC.

See Also: This Rival Meme Crypto Has Outperformed Dogecoin In Last 3 Months

Cryptoquant, an on-chain analytics firm, said that BTC exchange reserves have fallen to a three-year low. An increase in reserves usually is an indication that BTC supply for selling, altcoin purchase, and margin trading has risen.

Specifically, on DOGE, on Sunday, Benzinga’s Melanie Schaffer noted, since the closing on Sept. 7 at the 25 cent mark, DOGE has spent the past 5 days consolidating the move.

The coin has settled under a descending trendline while trading lower into a tightening range holding above the key support level at 23 cents. 

on Sunday Tesla Inc TSLA CEO Elon Musk shared a photo of his recently arrived Shiba Inu Dog named “Floki,” which led to Doge-inspired meme coins with Floki in their names skyrocketing. The tweet failed to push DOGE prices higher.

A tweet by Musk calling an update to Dogecoin nodes “important” did work its magic, leading to a growth in DOGE node upgrades to nearly 800.

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