Is Dogecoin On Track To End 2021 On A Low Note?

Dogecoin DOGE/USD traded 2% lower over 24 hours at $0.17 leading up to early Thursday morning. 

What’s Moving? The meme cryptocurrency has fallen 3.2% over a seven-day trailing period.

DOGE traded 1.8% lower against the apex cryptocurrency Bitcoin (BTC) and rose 0.3% against Ethereum (ETH), the second-largest coin by market cap.

The trading volumes of DOGE fell 19.3% over 24 hours to $720.35 million, according to CoinMarketCap data.

In the past 30 days, DOGE has fallen 23%, while over a 90-day time frame it has lost 18.6% of its value.

DOGE touched an all-time high of $0.74 in May. At press time, the cryptocurrency traded 76.2% below that level.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE was down alongside other major coins as the global cryptocurrency market cap declined 1.9% to $2.21 trillion at press time.

DOGE was among the ten most mentioned coins on Twitter, according to a list compiled by Cointrendz. It attracted 744 tweets at press time.

The three most mentioned coins were Bitcoin, Ethereum, and Solana. They attracted 2,559, 1,139, and 880 tweets respectively. 

Major cryptocurrencies remained under pressure ahead of the expiry of BTC options worth $6 billion on Friday. This is fueling “wary sentiment,” according to GlobalBlock senior analyst Adrian Kenny. 

DOGE’s chart has formed a doji candlestick, a pattern that indicates a higher low may be created. The doji candlestick can indicate a reversal on cards and if the pattern is recognized, traders can expect a rise up to higher levels on Thursday, wrote Benzinga’s Melanie Schaffer on Wednesday.

DOGE emerged as one of the biggest storylines in 2021, starting the year with a price under $0.01 per coin. This year DOGE’s 2380%  rise was fueled by high interest by retail investors coupled with interest from celebrities such as Tesla Inc TSLA CEO Elon Musk and Dallas Mavericks owner Mark Cuban among others.

There is plenty to look forward to next year when it comes to DOGE. The coin is literally going to the moon. DOGE’s acceptance as a form of payment has been expanding in 2021 and is expected to continue rising next year.

The essence of the community surrounding DOGE was best described by DOGE co-creator Billy Markus in a tweet on Wednesday.

pic.twitter.com/CP8ehz7tx9

— Shibetoshi Nakamoto (@BillyM2k) December 30, 2021

Read Next: Will Dogecoin Reach $1 By 2022?