Why Has Dogecoin Lost Its Mojo Today?

Dogecoin DOGE/USD fell 4.54% over 24 hours to $0.22 on early Tuesday morning.

What’s Moving? The meme cryptocurrency has lost 4.86% of its price over a seven-day trailing period.

DOGE fell 5.4% and 3.49% against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours.

So far this year, DOGE has risen 3858.31% while its 90-day gains stand at 17.97%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? The Shiba Inu-themed coin fell in tandem with major coins with the exception of BTC at press time as the global cryptocurrency market cap fell 0.94% to $2.31 trillion.

DOGE did not see high interest from Twitter users at press time. It was mentioned in 1,233 tweets, as per Cointrendz data.

BTC and SHIBA INU were the most discussed cryptocurrencies on Twitter and were mentioned in 7,965 and 4,263 tweets, respectively.

BTC continues to increase its dominance in terms of percentage of the total market capitalization, a signal that the cryptocurrency market is firmly in Bitcoin season.

Independent research boutique, Delphi Digital, said in a note that “speculators are anticipating more upside in BTC as compared to ETH.”

Benzinga’s Tyler Bundy noted Monday that DOGE has been moving sideways in the past few months and is not able to get moving in a relatively bearish market.

Not only has DOGE not been able to keep up with SHIB’s price action, but DOGE is also trailing the latter in volume as well. 

Meanwhile, a new DOGE and SHIB knock-off ShibX (CRYPTO: ShibX) has skyrocketed in the last 24 hours adding to the growing universe of such coins.

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