Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 1.16% lower at $0.26 early Wednesday morning.

What’s Moving? The Shiba Inu-themed coin has risen 5.94% over the last seven days.

Against Bitcoin, DOGE rose 1.09%. It fell 3.23% against Ethereum over 24 hours.

DOGE’s year-to-date gains stand at 4485.65% and it has risen 25.16% over the last 30 days. 

The cryptocurrency touched an all-time high of $0.74 in May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE declined on Wednesday as major cryptocurrencies presented a mixed picture. Bitcoin was trading in the red, while Ethereum spiked, as the global cryptocurrency market cap fell 0.52% to $2.6 trillion.

DOGE saw moderate interest on Twitter at press time and was mentioned in 3,800 tweets at press time, as per Cointrendz data.

The highest interest was seen in DOGE-rival Shiba Inu, which was mentioned in 22,975 tweets.

Notably, SHIB touched an all-time high of $0.00005486 early Wednesday morning. 

On-chain data indicates that long-time holders of the apex coin took moderate profits, as per Glassnode.

Meanwhile, larger holders of Bitcoin are moving their coins to derivative exchanges to “punt long positions,” as per analytics platform CryptoQuant’s CEO Ki-Young Ju.

Even as “paw boxing” between DOGE and SHIB traders continues in the backdrop, Dogecoin charts indicated the formation of a second inside bar on Tuesday, which is considered bullish, as per Benzinga’s Melanie Schaffer.

Meanwhile, a shift of focus from Dogecoin to Equities led to Robinhood Markets Inc HOOD reporting a decline in cryptocurrency activity in its third-quarter figures.

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