Why Is Dogecoin In Such A Slumber Right Now?

Dogecoin DOGE/USD tanked 26.29% over 24 hours leading to press time at $0.20. The Shiba Inu-themed coin has shrunk 39.5% over the last seven days.

What Happened: The joke cryptocurrency’s market capitalization declined 25.68% to $25.73 billion. Trading volumes rose 235.85% to $7.37 billion over 24 hours.

Since hitting an all-time high of 0$.74 last month, DOGE has fallen 73.19%. Even the presence of a Dogecoin on the NASCAR circuit did not change the fortunes of the meme coin. DOGE slipped after the car bearing the Shiba Inu mascot crashed into a wall on Monday.

Why It Matters: DOGE’s decline comes in the wake of a broader rout in the cryptocurrency market that also tanked cryptocurrencies with larger market capitalization like Bitcoin BTC/USD and Ethereum ETH/USD.

Meanwhile, the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, in a LinkedIn response called DOGE a Ponzi scheme. The interaction took place on the LinkedIn page of Coinbase Global Inc’s COIN Chief Legal Officer Paul Grewal.

Another factor working against DOGE at press time was the absence of meme-tweets in recent weeks by celebrity Dogecoin supporter and Tesla Inc TSLA CEO Elon Musk, who has otherwise been a major catalyst for the rise in the cryptocurrency's price.

The only recent tweet from Musk concerning Dogecoin was him dubbing a fee reduction update as an "important improvement."