Why Is Dogecoin (DOGE) Currently Down?

Why Is Dogecoin (DOGE) Currently Down?

In the wee hours of Thursday, Dogecoin was essentially unchanged. Within 24 hours, it had risen 0.3 percent to $0.18.

What’s going on here? Over a seven-day trailing period, the meme cryptocurrency has increased 2.09 percent. DOGE fell 1.35 percent vs Bitcoin and 3.65 percent against Ethereum in the last 24 hours.

According to CoinMarketCap data, DOGE’s 24-hour trading volume decreased 72.14 percent to $2.01 billion.

DOGE has increased by 3070.66 percent since the year 2021 began. In May, it reached an all-time high of $0.74. DOGE has gained 26.95 percent in the previous 30 days, while it has gained 28.98 percent in the last 90 days.

What Is It Doing When It Moves? As the global cryptocurrency market value gained 3% to $2.26 trillion, DOGE was in the green, if only slightly, in concert with other major coins.

At the time of publication, DOGE had a moderate amount of Twitter mentions. According to Cointrendz data, it received 445 tweets.

On Wednesday evening, Dogecoin took a break from the Tesla Inc CEO Elon Musk-fueled surge. After the Federal Reserve accelerated the pace of tapering, larger cryptocurrencies remained stable. The Federal Reserve of the United States has predicted three rate hikes this year.

Despite this, DOGE experienced a considerable increase in high-value transactions. According to data from Into The Block, the meme coin saw a 148 percent rise in on-chain transfers worth more than $100,000.

A DOGE developer claims to have created the first non-fungible DOGE token. The creator, who goes by the Twitter handle “inevitable360,” said that minting the digital artwork cost only $0.0018 or 0.01 DOGE.

Meanwhile, on Wednesday, Musk posted a meme that appeared to mock the concept of NFTs, prompting a response from DOGE co-creator Billy Markus.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.