Dogecoin Trades Flat: Are Binance CEO's Comments Responsible?

Dogecoin DOGE/USD was down 0.2% over 24 hours at $0.235 at press time leading up to early Thursday morning.

What’s Moving? DOGE has fallen 10.21% over a seven-day trailing period. 

The meme coin fell 0.45% and 2.16% against Bitcoin and Ethereum respectively over 24 hours. 

The 24-hour DOGE trading volumes fell 34.84% to $1.38 billion at press time, as per CoinMarketCap data.

DOGE has risen 4033.63% so far since 2021 began. In the last 90 days, it has fallen 25.67% and in the past 30 days, the decline has amounted to 5.23%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE did not move in tandem with other major coins at press time as the global cryptocurrency market cap rose 1.2% to $2.62 trillion. 

DOGE did not find a place among the “Top 10 Mentions” on Twitter, as per Cointrendz data at press time. The top three coins on the list were Velas, Bitcoin, and Ethereum, which attracted 8,754, 7,930, and 4,966 tweets, respectively. 

Notably, Dogecoin rival Shiba Inu was the fourth most mentioned coin on Twitter and attracted 4,343 tweets.

The recent dip in Bitcoin was attributed to leverage being flushed out of the system by CryptoQuant analyst Jan Wuestenfeld. As per former Goldman Sachs hedge fund manager Raoul Pal, a 100% to 300% rally in Bitcoin and Ethereum  is “highly probable into year end.”

Recently, Bloomberg’s senior commodity strategist Mike McGlone cited DOGE’s massive surge earlier to near $0.74 levels and the subsequent crash which enveloped Bitcoin and other major coins. As per McGlone, a drop in SHIB could have similar outcomes.

Binance CEO Changpeng Zhao told the Associated Press in an interview Wednesday that he doesn’t “get Dogecoin” but the cryptocurrency “shows the power of decentralization.”

“What I think may or may not matter. If a large enough number of people in the community values it because it’s cute, because they like the meme, then it has value,” said Zhao.

Meanwhile, the Canadian medical information website, Ask The Doctor, tweeted Wednesday that it will begin accepting DOGE for certain healthcare services on Monday.

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