BitPay's Dogecoin-Amazon Announcement Fails To Send Good Boi Higher: What's Going On?

Dogecoin DOGE/USD inched 0.71% higher to $0.26 over 24 hours early Monday morning.

What’s Moving? The meme cryptocurrency has fallen 3.45% in a seven-day trailing period.

Against larger cryptocurrencies, Bitcoin and Ethereum, DOGE fell 0.7% and 0.62% over 24 hours, respectively. 

Since 2021 began, DOGE has risen 4530.01%. The coin’s 90-day losses have amounted to 18.62% but it has risen10.39% in the last 30 days.

Why Is It Moving? DOGE was in the green alongside major cryptocurrencies, which traded higher at press time as the global cryptocurrency market rose 1.23% over 24 hours to $2.87 trillion at press time.

DOGE was among the most discussed cryptocurrencies on Twitter at press time, as per Cointrendz data.

At press time, DOGE was mentioned in 2,425 tweets. The cryptocurrency that attracted the highest buzz was Bitcoin. The apex coin was mentioned in 10,943 tweets.

Bitcoin received the “Taproot” upgrade on Sunday. This is the first major upgrade to Bitcoin’s network in four years and is construed as a positive. Meanwhile, whales are moving large amounts of the coin, as per CryptoQuant CEO Ki Young Ju.

On Sunday, BitPay, a blockchain payment company, said in a blog post that its users could use its issued crypto debit card, which supports DOGE to make purchases on Amazon.com, Inc’s AMZN platform.

The post covering the Amazon-Dogecoin announcement by BitPay was upvoted 51 times on r/Dogecoin, a Reddit discussion forum on the meme cryptocurrency.

The BitPay announcement spurred a discussion related to DOGE price action on Reddit.
A Screenshot from r/Dogecoin — A Reddit Discussion Board

Meanwhile, over the weekend, Dogecoin co-founder Billy Markus said DOGE’s low fees make it “ideal for all sorts of transactions.” Markus cast shade on rival Shiba Inu in a tweet pointing to steep transaction fees on that platform.

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