Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 3.05% lower at $0.17 over 24 hours leading up to early Friday.

What’s Moving? The meme coin has risen 2.9% over a seven-day trailing period.

DOGE traded 0.08% lower against Bitcoin and was down 1.42% against Ethereum over 24 hours.

Over the last 30 days, DOGE has fallen 25.76%, while it fell 28.63% in a 90-day period.

Since the year began, DOGE has risen 2977.86%. It rose to an all-time high of $0.74 in May.

Why Is It Moving? DOGE trading volumes fell by 50.35% Friday morning. DOGE moved lower alongside major coins as the global cryptocurrency market cap decreased 1.54% to $2.21 trillion at press time, according to CoinMarketCap data.

The meme coin was the tenth most mentioned coin on the Twitter “Top 10 mentions” list compiled by Cointrendz.

DOGE attracted 1,586 tweets at press time. The most mentioned coins Bitcoin, Ethereum and Shiba Inu attracted 12,735, 5912, 3,471 tweets, respectively. 

Long-tailed assets such as DOGE and Shiba Inu could become institutional sweethearts as inflows into Coinbase by such investors pick up the pace, according to Delphi Digital. The first three quarters of 2021 saw 5.7x more institutional inflows into Coinbase than the entirety of 2020.

On Tuesday, an anonymous whale wallet transferred $973 million in DOGE to two separate wallets. The transfer took place two hours after Tesla Inc TSLA CEO Elon Musk said the automaker would accept DOGE as payment for merchandise.

DOGE can be a gifting option for users of Robinhood Markets Inc HOOD this holiday season. The DOGE gifts will be zero commission, as per the platform’s announcement.

Meanwhile, DOGE co-creator Billy Markus said on Twitter Thursday that he was excited about the metaverse as it was still undefined.

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