Why Is Dogecoin In A Slumber Today While Other Meme Coins Surge?

Dogecoin DOGE/USD traded 2% lower at $0.245 over 24 hours leading up to early Thursday morning.

What’s Moving? The meme cryptocurrency has gained 22% over a seven-day period.

Against cryptocurrencies with larger market cap — Bitcoin BTC/USD and Ethereum ETH/USD, DOGE fell 6.69% and 6.45% respectively over 24 hours.

So far this year, DOGE has run up 4206.88%. Over the last 90 days, the coin has risen 11.3%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved in the opposite direction compared with BTC and ETH, which rose at press time, as the global cryptocurrency market cap rose 5.5% to $2.29 trillion.

The slump in Dogecoin comes as rival meme coins see higher social media interest.

DOGE saw moderate interest on Twitter at press time and was mentioned in 2,602 tweets, as per Cointrendz data. SHIBA INU and BTC topped Cointrendz’s list of top 10 trending coins. SHIB and BTC were mentioned in 14,047 and 11,400 tweets, respectively. 

Coins named after Elon Musk's pet Floki are also striking massive gains on Thursday.

See Also: Shiba Inu Users Report Not Being Able To Trade Crypto On Coinbase Pro

Independent research firm Delphi Digital noted the rise of SHIB and other Dog coins and said that the “last time dog coins pumped, it was a sign of ridiculous froth and coincided with the April/May top.”

Even so, analysts are of the view that a rally is due in BTC. “There has been fresh spot buying activity in BTC, and looking at the price action we expect to see a fresh all-time high in the coming weeks,” said Pankaj Balani, CEO of Delta Exchange, as per CoinDesk.

Meanwhile, Dallas Mavericks owner Mark Cuban said that his basketball team “makes thousands and thousands of dollars” in DOGE. He said the meme coin was the cryptocurrency of choice for fans that purchased tickets and merchandise on the team’s online store.

DOGE millionaire Glauber Contessoto said he has not sold a single coin he has purchased so far and said his price target for the end of the year is “around 50 cents.”

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