Why Is Dogecoin Flat On Its Back Today?

Dogecoin DOGE/USD traded largely flat in the early hours of Thursday. It was up 0.3% at $0.18 over 24 hours.

What’s Moving? The meme cryptocurrency has risen 2.09% over a seven-day trailing period.

Against Bitcoin and Ethereum, DOGE moved 1.35% and 3.65% lower respectively over 24 hours.

DOGE 24-hour trading volume fell 72.14% to $2.01 billion, as per CoinMarketCap data.

Since 2021 began, DOGE has risen 3070.66%. It touched an all-time high of $0.74 in May. In the last 30 days, DOGE has gained 26.95% while its gains in a 90-day period have been 28.98%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE was in the green, albeit marginally, in tandem with other major coins as the global cryptocurrency market cap rose 3% to $2.26 trillion.

DOGE evoked a moderate amount of mentions on Twitter at press time. It attracted 445 tweets, according to Cointrendz data.

The most mentioned coins, Bitcoin and Ethereum, attracted 3,257 and 1,341 tweets, respectively.

Dogecoin took a breather from the Tesla Inc TSLA CEO Elon Musk fueled rally on Wednesday evening. Larger cryptocurrencies were steady after the Federal Reserve hastened the pace of tapering. The U.S. central bank has projected three rate hikes for the coming year.

Even so, DOGE saw a significant rise in high-value transactions. The meme coin saw a 148% increase in on-chain transfers with a value over $100,000, according to data from Into The Block.

A DOGE developer says they have minted the first DOGE-powered non fungible token. The developer who goes by the Twitter handle “inevitable360” said it cost just $0.0018 or 0.01 DOGE to mint the digital artwork.

Meanwhile, Musk tweeted a meme on Wednesday which appeared to make light of the existence of NFTs, which in turn got a response from DOGE co-creator Billy Markus. 

web 2 - emphasis on user-generated content, ease of use, participatory culture and interoperability for end users

web 3 - jpegs baby

— Shibetoshi Nakamoto (@BillyM2k) December 16, 2021

Markus observed that while Web 2 emphasized user-generated content, ease of use and interoperability among other functionalities, Web 3 is “jpegs baby.”

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