Why Is Dogecoin Crashing Today?

Dogecoin DOGE/USD traded 6.3% lower at $0.25 over 24 hours leading up to early Tuesday morning.

What’s Moving? The cryptocurrency has declined 13.2% over a seven-day trailing period. 

Against Bitcoin and Ethereum, DOGE rose 1.42% and 2.01%, respectively, over 24 hours. 

DOGE has fallen 17.97% over the last 90 days and risen 4.71% in a 30-day window.

The meme coin’s year-to-date gains stand at 4249.55%. DOGE hit an all-time high of $0.74 in May. At press time, it traded 66.41% below that level.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded lower alongside major coins which fell sharply as the global cryptocurrency market cap fell 7% to $2.66 trillion. 

DOGE was not among the top ten mentioned cryptocurrencies on Twitter at press time, as per Cointrendz data.

DOGE rival Shiba Inu was the third-most mentioned coin behind Bitcoin and Ethereum at press time. Shiba Inu was mentioned in 1,836 tweets, while BTC and ETH were mentioned in 4,675 and 2,132 tweets, respectively. 

Notably, on Monday, AMC Entertainment Holdings Inc AMC CEO Adam Aron said that the cinema chain would begin accepting Shiba Inu via BitPay in the next four months. 

BitPay said in a blog post recently that users can already spend DOGE on Amazon.com, Inc AMZN through its “crypto debit card.” The BitPay-Amazon announcement failed to send DOGE upwards.

The “turbulence from traditional markets spilled into crypto,” as per Kaiko Research. Major coins fell Monday as the dollar exhibited strength in the backdrop of high inflation and anticipated tapering from the U.S. Federal Reserve.

DOGE’s lower trading volumes indicate that the cryptocurrency has entered a period of consolidation, wrote Benzinga’s Melanie Schaffer Monday. 

Meanwhile, a war of words took place on Twitter between supporters of Cat-themed Pawthereum and Dogecoin aficionados led by the latter’s co-creator Billy Markus. A tweet by “Shark Tank” host Kevin O’Leary was the immediate trigger.

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