Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded nearly 3.3% lower at $0.17 over 24 hours leading up to the early Monday morning.

What’s Moving? DOGE has risen 1.2% over a seven-day trailing period.

Against larger cryptocurrencies, Bitcoin and Ethereum, DOGE fell almost 1.6% and 2.4%, respectively. 

In the last 30 days, DOGE has fallen 25.4% and in a 90-day period, it has declined 27.7%.

Since the year began, DOGE has run up 2974%. It touched an all-time high of $0.74 in May. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved lower in tandem with other major coins at press time, as the global cryptocurrency market cap fell 2.1% to $2.2 trillion.

DOGE was the fourth most mentioned coin on Twitter. At press time, it attracted 2,354 tweets, as per CoinMarketCap data.

Bitcoin, Ethereum, and Shiba Inu were the top three mentioned coins on the social media platform. They attracted 8,565, 3,812, and 2,447 tweets, respectively. 

Short-term technicals are not pointing to a cheerful Holiday Season for cryptocurrencies, according to Delphi Digital, an independent research firm. 

Last week, Benzinga’s Tyler Bundy pointed out that a move by DOGE below the $0.15 support level could be a bearish signal for the future.

DOGE-bull and Tesla Inc TSLA CEO Elon Musk said Sunday that he would pay $11 billion in taxes this year, which got a response from Billy Markus, the co-creator of Dogecoin. Markus said that Musk has paid “literally more than anyone has ever paid in history.”

Meanwhile, a knockoff meme coin, DogeBonk, has found its way to space ahead of DOGE.

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