Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 3.9% lower at $0.26 over 24 hours early Thursday morning. 

What’s Moving? The meme coin has declined 2.1% over a seven-day trailing period. Trading volumes in DOGE rose 47.67% to $2.91 billion at press time over 24 hours. 

Against larger peers — Bitcoin and Ethereum — DOGE fell 1.3% and 2.69% respectively over 24 hours. 

DOGE’s year-to-date gains stand at an impressive 4507.8%, while it touched an all-time high of $0.74 in May.

Over the last 30 days, DOGE has risen 15.94%, while it has fallen 4.28% over a 90-day period.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Thursday morning’s fall in DOGE was in tandem with other major cryptocurrencies as the global market cap fell 1.85% to $2.83 trillion. 

DOGE was not among the 10 most mentioned coins on Twitter at press time, as per Cointrendz data. The most-mentioned coin was Bitcoin at press time, which attracted 4,506 tweets.

On Wednesday, Bitcoin and Ethereum surged to respective all-time highs after data revealed that annual inflation hit 6.2% in October, a level not seen since November 1990. Inflation is considered positive for Bitcoin, which is often seen as a hedge against price rise.

Benzinga’s Joe Dewitt said on the “Crypto Breakdown” podcast Wednesday that DOGE looks ready for a breakout. 

If the price can close above the 200-day moving average “that should solidify that upwards trend and we should visit that 32 cent mark in no time” said Dewitt. 

Meanwhile, DOGE-1, a moon mission, fully funded in DOGE, is set to launch in the first quarter of 2022, reported Cointelegraph.

The mission would utilize SpaceX’s Falcon 9 rocket. SpaceX is the space exploration firm owned by DOGE-bull and Tesla Inc TSLA CEO Elon Musk.

The DOGE-1 mission would put a 88 pounds (40-kilogram) satellite into lunar orbit, but no hard dates have been set for the deployment as of yet, as per Cointelegraph. The DOGE-1 also has a non fungible token art angle. 

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