Dogecoin May Be Down Today But 1 Popular Backer Says It Could Rise Higher Again Just Like NFTs

Dogecoin DOGE/USD traded 0.5% lower at $0.17 over 24 hours leading up to early Wednesday morning. 

What’s Moving? The joke cryptocurrency has fallen 3.3% over a seven-day trailing period.

DOGE fell 0.6% and 2% against Bitcoin (BTC) and Ethereum (ETH) respectively over 24 hours.

Since the year began, DOGE has fallen 1.8%. Over the last 30 days, it has risen 0.5%, while over a 90-day period it has dropped 30.5%. In May last year, DOGE hit an all-time high of $0.74.
See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded marginally lower at press time even though other major coins were in the green as the global cryptocurrency market cap rose 0.8% to $2.2 trillion.

DOGE was among the most mentioned coins on Twitter. It attracted 811 tweets at press time, according to Cointrendz data.

The most-discussed coins — Bitcoin, Ethereum, and Solana, attracted 4,946, 2,896, and 1,256 tweets, respectively.

Major coins remained subdued Tuesday. The apex coin is under pressure as tighter monetary conditions appear imminent. Another factor working against BTC is the lack of “institutional love,” according to OANDA Senior Market Analyst Edward Moya.

On Tuesday, Gokhshtein Media CEO David Gokhshtein said on Twitter that DOGE would come back just like non fungible tokens did and that he was “still in.”

I’m still in $DOGE.

It’ll come back just like #NFTs did.

— David Gokhshtein (@davidgokhshtein) January 5, 2022

Meanwhile, a poster on r/Dogecoin noted that Walmart Inc WMT could reduce its transaction costs from $22.2 million per day to just $86,000 by transacting in DOGE.

Screenshot From r/Dogecoin

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