Why Is Dogecoin Dropping Lower Again Today?

Dogecoin DOGE/USD continues to plummet for the second day in a row on Tuesday.

What Happened: The retail-favorite canine-themed cryptocurrency is down 3.77% over 24 hours leading to press time at $0.2113.

Over a period of seven days, Dogecoin is down 11.15% and its year-to-date gains stand at 3623% as of press time.

Against the two biggest cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, Dogecoin traded 0.4% higher and 0.7% lower over 24 hours, respectively.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Dogecoin is moving in line with the wider cryptocurrency market, which has dropped 3.27% lower to $1.93 trillion.

The Evergrande crisis in China has sparked a fall of dominoes across global markets that has not spared U.S. equities and cryptocurrencies.

CNBC host Jim Cramer urged cryptocurrency investors late Monday to book some profits as he expects things to get worse due to the Evergrande crisis and anticipates it would impact virtual assets beyond stablecoin Tether USDT/USD.

Meanwhile, Robinhood Markets Inc HOOD is reported to be testing cryptocurrency wallets and enabling transfers, a move that is highly awaited, including by Dogecoin supporters.

Dogecoin co-founder Billy Markus early Monday on Twitter revealed that his collection of Dogecoin-themed non fungible tokens (NFTs) was sold out in less than an hour, indicating that interest in the meme cryptocurrency remains high, even in the middle of a bear market.

The cryptocurrency also continues to see relatively low interest on Twitter, as per data from Cointrendz, trailing other assets like Bitcoin, Ethereum, and Cardano ADA/USD.

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