Elon Musk Touting Transactional Superiority Over Bitcoin Proves Insufficient: Why Dogecoin Is Slumping Today

Dogecoin DOGE/USD traded 5.05% lower at $0.16 over 24 hours leading up to early Tuesday morning.

What’s Moving? DOGE has fallen 12.05% over a seven-day trailing period. 

Against Bitcoin, DOGE fell 0.86%, while it rose 1.04% against Ethereum over a 24-hour period.

So far this year, DOGE has risen 2667.20%, reaching an all-time high of $0.74 in May.

DOGE has fallen 34.48% in the last 90 days and 39.72% in a 30-day period.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE fell alongside other major coins at press time as the global cryptocurrency market capitalization plunged 5.39% to $5.39 trillion.

DOGE was among the most mentioned cryptocurrencies on Twitter, as per Cointrendz data.

The meme coin attracted 2,093 tweets at press time, while the top three most mentioned coins Bitcoin, Ethereum, and Solana attracted 10,928, 5,038, and 3,897 tweets, respectively.

Investors are on the lookout for the pace of tapering and a key decision on interest rates as the Federal Open Market Committee meets this week. The apex coin moved lower despite shockingly high inflation numbers reported last week. Bitcoin is seen as a hedge against inflation by some.

Dogecoin may not find strong resistance until it reaches the $0.35 mark if it manages to hold on to the $0.15 support level, wrote Benzinga’s Tyler Bundy.

On Monday, DOGE bull and Tesla Inc TSLA CEO Elon Musk said in an interview with Time magazine that DOGE has a better transactional value than Bitcoin. Musk is Time’s “Person of the Year” for 2021.

DOGE co-creator Billy Markus pointed to Musk’s credentials as a co-founder of Paypal Holdings Inc PYPL and said it’s safe to say he “might know a little something about money, so y’know, it may be interesting to take a listen.”

Elon Musk talks seriously about #Dogecoin in a TIME magazine person of the year interview.

I think it’s safe to say the cofounder of PayPal might know a little something about money, so y’know, it may be interesting to take a listen.pic.twitter.com/QCK2xL7502

— Shibetoshi Nakamoto (@BillyM2k) December 13, 2021

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