Dogecoin Price Today: Is Bitcoin ETF Taking Toll On Meme Coin?

Dogecoin DOGE/USD traded 1.46% lower at $0.245 over 24 hours early Wednesday.
What’s Moving? The Shiba Inu-themed cryptocurrency has appreciated 9.39% over a seven-day period.

DOGE traded 3.7% and 2.16% lower against Bitcoin and Ethereum respectively over 24 hours.

Since the year began, DOGE has gained 4212.65%. In May, the meme coin hit an all-time high of $0.74.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE did not move alongside other major coins as the global cryptocurrency market capitalization rose 1.6% to $2.53 trillion at press time. 

DOGE trading volumes dipped 75.4% to $1.29 billion over a 24 hour period.

The meme coin did not see high interest on Twitter at press time. DOGE was mentioned in 1,537 tweets, as per Cointrendz data.

At press time, Bitcoin and Solana were the two top trending coins on Twitter and were mentioned in 13,348 and 7,049 tweets, respectively. 

On Tuesday, Bitcoin hovered near its all-time high of $64,863.10 but failed to breach it. The exuberance was fueled by the launch of the first BTC exchange-traded fund ProShares Bitcoin Strategy ETF BITO. 

As the apex coin targets new highs, the possibility of profit-taking by long-term holders remains intact, as per CryptoQuant.

Even so, some analysts remained upbeat about DOGE. Justin Bennet, a cryptocurrency market analyst, said this week that DOGE is consolidating and if the coin was able to reclaim the $0.24 level it could see a multi-month price surge. 

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