Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 2.2% lower at $0.245 over 24 hours early Friday.

What’s Moving? The Shiba Inu-themed cryptocurrency has risen 5.39% over a seven-day trailing period.

DOGE rose 0.61% against Bitcoin and fell 1.38% against Ethereum over 24 hours.

Since the year began, DOGE has shot up an impressive 4220.11%. It gained 26.65% in the last 90 days.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE fell alongside other major coins as the global cryptocurrency market cap fell 1.53% to $2.57 trillion.

At press time, DOGE was the fourth most trending coin on Twitter. It was mentioned in 2,722 tweets, as per Cointrendz data.

The three most trending coins were Bitcoin, Ethereum, and Solana, which were mentioned in 11,276, 6,012, and 5,484 tweets, respectively. 

The cryptocurrency rally that was ushered in after ProShares Bitcoin ETF BITO was launched has subsided to an extent.

Cryptocurrency trader Michaël van de Poppe dismissed the idea that the market was in a bear phase on Thursday, saying ‘we’re at the start of a massive second run of this bull cycle.”

On Thursday, DOGE broke the $0.25 resistance and is now supported at $0.2442 down to $0.2265 levels. The next resistance for the meme coin lies at $0.2619 to $0.2797 marks.

Meanwhile, as the Dogecoin rally mutes, another meme coin, Baby Bitcoin BBTC/USD, which calls itself the “Prince of Crypto,” continued to soar.

Read Next: Why Is Solana ($SOL) Going Up While Other Major Cryptos Slump?