Why Is Dogecoin Plunging Today And Is It Losing This Fandom Battle To Shiba Inu And Safemoon?

Dogecoin DOGE/USD traded 6.85% lower over 24 hours leading up to early Monday morning as the global cryptocurrency market cap fell 7.46% to $1.53 trillion.

Dogecoin, In Numbers: 

24-Hour Performance: -2.2%

7-Day Performance: -20.05%

30-Day Performance: -28.7%

YTD Performance: -21.05%

Why It’s Moving? DOGE moved lower in tandem with other major coins such as Bitcoin (BTC) and Ethereum (ETH) at press time.

The meme cryptocurrency was among the ten most mentioned coins on Twitter. At press time, it attracted 369 tweets, according to Cointrendz data.

Bitcoin, Ethereum, and Fantom were the three most mentioned coins. They attracted 3,093, 1,359, and 852 tweets, respectively. 

On Sunday, pseudonymous cryptocurrency investor Kaleo said that the current dip in cryptocurrency valuations was unlike prior downturns and said “this is one of those dips where we’ll quickly reclaim highs within the next few months.”

On Sunday, the Binance-owned price-tracking website CoinMarketCap tweeted multiple polls asking people which top meme coins will survive and rise to the top in 2022.

(1/5)

The meme economy lives on

From this thread

Which Top MemeCoins will survive & rise to the top in 2022  @dogecoin@Shibtoken@safemoon@InuSaitama

— CoinMarketCap (@CoinMarketCap) January 23, 2022

At the time of writing, DOGE trailed Shiba Inu (SHIB) and SafeMoon (SAFEMOON) in one of the polls. Out of the 84,726 votes cast, 31.8% were in favor of SHIB, while 27.5% and 21.7% were for SAFEMOON and DOGE, respectively. 

See Also: How To Buy Dogecoin (DOGE)

Dogecoin Chatter: Meanwhile, Doge co-creator Billy Markus tweeted that a sign of a bear market in cryptocurrencies was that “people start talking about the tech again.”

sign of a bear market in crypto:

- people start talking about the tech again

— Shibetoshi Nakamoto (@BillyM2k) January 24, 2022

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