Why Is Dogecoin Plunging So Sharply Today?

Dogecoin DOGE/USD dropped 7.2% lower to $0.135 over 24 hours leading up to early Friday morning.

Doge Price Performance

See Also: How To Buy Dogecoin (DOGE)

The Doge Factors

• Dogecoin dropped sharply along with other major coins as the global cryptocurrency market cap fell 4.4% to $2.1 trillion at press time.
• DOGE was not among the most mentioned coins on Twitter near press time, as per CoinTrendz data.
• $4.89 million worth of DOGE futures have been liquidated in 24 hours leading up to press time as the meme cryptocurrency plunged, according to Coinglass data.

EU Casts Shadow On Doge

On Thursday, the European Union passed proposals that would extend anti-money laundering requirements that apply to payments over EUR 1,000 ($1,114) to cryptocurrencies. 

The provisions will eliminate the lower limit for cryptocurrency payments, which means senders and recipients of even small amounts of cryptocurrencies will need to be identified.

Doge Around The Web

Dogecoin-oriented Twitter handle Mishaboar described the EU draft legislation as “disastrous” in a tweet on Thursday.

Busy day for me - but unfortunately this has been a busy day for the geniuses in the EU parliament, as well, who have voted in favor of a disastrous *draft* legislation on crypto to be included within the new EU anti-money laundering package. #Dogecoinhttps://t.co/PAoGnW2HI4

— Mishaboar (@mishaboar) April 1, 2022

Dogecoin millionaire Glauber Contessoto said he “created a brand” by not selling his DOGE holdings on Thursday. 

People always ask me if I regret not selling at $3M - here’s the thing, I created a brand that wouldn’t exist if I sold and vanished, I helped bring hope to the future of crypto especially #Dogecoin - I helped a movement push #doge to 75 cents against all odds & I’m still here

— SlumDOGE Millionaire (@ProTheDoge) March 31, 2022

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