Why Is Dogecoin Dropping Lower Today?

Dogecoin DOGE/USD fell 4.59% to $0.27 over 24 hours early Wednesday morning. 

What’s Moving? The meme cryptocurrency has declined 0.59% over a seven-day trailing period. 

DOGE fell 3.55% and 3.64% against larger cryptocurrencies Bitcoin and Ethereum over 24 hours.

Since 2021 began, DOGE has gained 4661% and, over 30 days its gains, stand at 15.18%.

At press time, DOGE traded 63.26% lower than its all-time high of $0.74, which it touched in May this year.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE trading volumes fell 53.61% to $1.97 billion over 24 hours. It fell alongside other major coins as the global cryptocurrency market cap decreased 1.74% to $2.89 trillion.

DOGE was the ninth-most mentioned coin on Cointrendz’s “Top 10 Mentions” on Twitter list at press time. It attracted 860 tweets.

Bitcoin and Cardano, the two leading coins on the Cointrendz list, attracted 4,735 and 3,049 tweets respectively. 

On Tuesday, major coins with the exception of Cardano declined, as the rally in Bitcoin and Ethereum took a pause. The rally in both coins was driven by a lack of supply, as per Jonas Luethy, a sales trader with GlobalBlock, a United Kingdom-based digital asset broker.

Robinhood Markets Inc HOOD Chief Operating Officer Christine Brown said in an interview with Decrypt that the waitlist for its cryptocurrency wallets, which allow users to store cryptocurrencies like DOGE, has shot up to 1.6 million people.

Brown indicated that the trading platform is not in a hurry to list DOGE-rival Shiba Inu.

On Tuesday, Benzinga’s Melanie Schaffer wrote that DOGE’s moving average convergence divergence (MACD) indicator appears bullish as it may cross above the signal line, an event technical traders interpret as a bullish crossover.

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