Why Is Dogecoin in Such a Slump Right Now?

Why Is Dogecoin in Such a Slump Right Now?

Over the 24 hours coming up too early Friday morning, Dogecoin DOGE traded 3.88 percent lower at $0.16.

What’s going on here? Over a seven-day lagging timeframe, Dogecoin has dropped 18.78 percent.

When compared to Bitcoin, the meme cryptocurrency was down 0.96 percent, but up 2% when compared to Ethereum. Dogecoin has increased by 2889.67% since the beginning of the year. In the previous 30 days, it has dropped 37.24 percent, and in the last 90 days, it has dropped 29.44 percent.

In May, DOGE hit an all-time high of $0.74. It was trading 79.96 percent below that level at the time of publication.

What Is It Doing When It Moves? At press time, Dogecoin had fallen in line with other big coins, with the global cryptocurrency market cap falling 4.48 percent to $2.26 trillion.

According to Cointrendz data, DOGE was the most talked about a coin on Twitter at press time. There were 4,715 tweets about it. The second most popular term was Bitcoin, which received 2,341 tweets.

On Thursday, cryptocurrency prices plummeted after China’s Evergrande Group failed on a debt obligation. According to an observer, electricity constraints in Kazakhstan were another factor in the apex coin’s depreciation.

On Thursday, DOGE co-founder Billy Markus weighed in on the Evergrande-led cryptocurrency chaos.

Elon Musk, the CEO of Tesla, stated on Thursday that he was considering quitting his job and “becoming a full-time influencer.” Musk’s remark drew a lot of attention from cryptocurrency aficionados.

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.