Why Is Dogecoin Failing To Keep Pace With Other Cryptocurrencies Today?

Dogecoin DOGE/USD traded 0.69% lower at $0.15 over 24 hours leading up to early Monday morning.

What’s Moving? DOGE has fallen 11.6% over a seven-day trailing period. 

The meme cryptocurrency declined 0.9% and 1.8% against Bitcoin (BTC) and Ethereum (ETH) respectively over 24 hours.

DOGE has fallen 9.2% in a 30-day period, while it has fallen 33% in the last 90 days. Since 2022 began, DOGE has lost 12.2% of its value.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved contrary to other major coins which traded in the green at press time as the global cryptocurrency market cap rose 0.7% to $1.98 trillion at press time.

DOGE was not included in the “Top 10 Mentions” on Twitter list compiled by Cointrendz.

The three most mentioned coins on the list Bitcoin, Shiba Inu, and Ethereum attracted 9,954, 5,908, and 4,878 tweets, respectively. 

Sentiment in the cryptocurrency market continues to be dominated by fear with at least one analyst thinking Bitcoin remains vulnerable to a breach of the $40,000 level and “it could get ugly” if ETH breaks the $3,000 level.

DOGE dipped below the 15-cent level three times since Dec. 4 and each time it has bounced up from the level, which is an indication that bulls are buying the dips, wrote Benzinga’s Melanie Schaffer on Friday.

DOGE co-creator Billy Markus said Sunday that the focus of the community surrounding the coin was current fiat price, creating temporary hype and drama — the value of which was $0. Instead, the developer said the focus should be on more constructive activities. 

here is what i see as the focus of the dogecoin community:
- current fiat price
- creating temporary hype
- drama

here is what that is worth in long term value:
- $0

here is what the focus should be:
- creating utility
- using the coin
- increasing adoption
- spreading joy

— Shibetoshi Nakamoto (@BillyM2k) January 9, 2022

Recently, Robinhood published a frequently asked questions page for their cryptocurrency wallets. DOGE-oriented Twitter handle “Mishaboar” noted that the main takeaways that include a limit of $3,000 worth of withdrawals per day. Need for two-factor authentication and no extra commissions for on-chain transactions. 

So, @RobinHoodApp published their FAQ entry for their new "crypto wallets" yesterday. Main takeaways:

- Limit of $3,000 USD worth of withdrawals per day (...)
- 2FA Authentication is required
- No extra commissions for on-chain transactions#Dogecoin https://t.co/OVpv2YcQ3K

— Mishaboar (@mishaboar) January 9, 2022

Meanwhile, authorities in the Indian state of Maharashtra have arrested an unidentified person who threatened to hack a private finance firm and demanded Rs.116.3 million ($1.56 million) in DOGE as ransom, reported “The Print,” an online India-based news portal. 

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