Dogecoin Slumps In Line With Wider Market: Is The Meme Coin Overreacting To Bitcoin Dips?

Dogecoin DOGE/USD traded nearly 3.1% lower at $0.15 in the early hours of Friday on the back of inflation-related concerns.

Dogecoin Price Performance
Time-frame	% Change (+/-)
24-hour	-3.1%
24-hour against Bitcoin	-2.1%
24-hour against Ethereum	-0.4%
7-day	8.7%
30-day	-0.9%
YTD performance	-40.7%

Why Is It Moving? DOGE traded lower along with other major coins as the global cryptocurrency market cap fell 2.28% to $1.94 trillion, according to Messari data.

DOGE was among the most discussed coins on Twitter. At press time it attracted 1,373 tweets, according to Contrendz data.

The three most discussed coins, Bitcoin, Ethereum, and Shiba Inu, attracted 11,388, 4,636, and 3,293 tweets respectively.

Major coins moved lower on Thursday evening after the Labor Department released the Consumer Price Index figures. According to the data, Inflation rose 7.5% in January — the steepest such growth since February 1982.

DOGE co-creator Billy Markus reacted to the inflation figures. He tweeted that the government prints 3.6 trillion dollars a year and that’s what resulted in a steep rise in inflation.

pic.twitter.com/5gKxTApOal
— Shibetoshi Nakamoto (@BillyM2k) February 10, 2022

Dogecoin Chatter: DOGE following BTC downwards got the attention of “MoonlitMonkey69” on Twitter.

$Doge overreacting to the $btc dips pic.twitter.com/jPxybzMSyX
— Dogenarr DogeToTwoFiddy! (@MoonlitMonkey69) February 10, 2022

Meanwhile, r/Dogecoin on Thursday was enthused by the fact that there were only 69 days left until April 20 or 4/20. Both 69 and 420 are numbers often tweeted by DOGE-bull and Tesla Inc TSLA CEO Elon Musk. They are references to a sexual position and cannabis culture.