Why Is Dogecoin Tumbling Today?

Dogecoin DOGE/USD traded 5.06% lower at $0.28 over 24 hours at press time in the early hours of Thursday.

What’s Moving? For the week, the Shiba Inu-themed cryptocurrency fell 5.72%.

DOGE is down 2.57% and 2.53% against Bitcoin BTC/USD and Ethereum ETH/USD, respectively.

Since the year began, DOGE has shot up 4,824.46% hitting an all-time high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE) 

Why Is It Moving? DOGE moved lower with major coins in the early hours of Thursday as the global cryptocurrency market cap fell 2.65% to $2.03 trillion.

DOGE was among the 10 most discussed cryptocurrencies at press time, according to data from Cointrendz.

On Wednesday, a “Dogecoin Mining” scam in Turkey reportedly cost 1,500 people $119 million. Authorities in Istanbul are on the lookout for the alleged perpetrator.

An analysis published by FXStreet on Tuesday indicates that DOGE is headed towards the $0.22052 price level after losing support at the $0.30788 mark — this indicates a probable fall of 30%.

Meanwhile, cryptocurrency investor and technical analyst Justin Bennett said this week that DOGE is beginning to “look interesting again” and he is looking to buy around $0.26 levels, subject to price action confirmation.

Read Next: EXCLUSIVE: Dogecoin Creator Talks Foundation Revival, 'Trademark Trolling,' Value Added By Vitalik Buterin And Elon Musk Aide