Why Is Dogecoin Moving Today?

Dogecoin (DOGE) traded 6.53% lower at $0.19 over 24 hours in the early hours of Wednesday at press time.

What's Moving? The meme coin has plunged 18.97% over a seven-day trailing period. The deepening losses in DOGE come amid a widespread market-wide rout.

See Also: How To Buy Dogecoin (DOGE)

DOGE fell 3.12% against Bitcoin BTC/USD and 0.38% against Ethereum ETH/USD over 24 hours.

Why Is It Moving? While there were no immediate factors leading to DOGE’s decline at press time, DOGE has remained muted despite several tweets mentioning the Shiba Inu-themed coin by Tesla Inc TSLA CEO Elon Musk this week.

See Also: Elon Musk Teases Tesla Cars Can Render Dogecoin When Coming Across Shiba Inu

On Wednesday, Elrond EGLD/USD was trending on Twitter instead, leaving behind DOGE, ETH, and BTC. While DOGE was mentioned in 3,964 tweets, EGLD was featured in more than double that number at 7,128 tweets.

On Monday, Musk had touched on network upgrades to Dogecoin’s blockchain in his tweets and advocated for block size and frequency to ‘match broadly available bandwidth.”

Dogecoin is showing weak technicals, trading below the 30-day and 200-day moving averages. Its relative strength index of 34.27 is also on the lower side of what most traders would consider comfortable.

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