Why Is Dogecoin In Such A Slumber Right Now?

Dogecoin DOGE/USD tanked 26.29% over 24 hours leading to press time at $0.20. The Shiba Inu-themed coin has shrunk 39.5% over the last seven days.

What Happened: The joke cryptocurrency’s market capitalization declined 25.68% to $25.73 billion. Trading volumes rose 235.85% to $7.37 billion over 24 hours.

See Also: How To Buy Dogecoin (DOGE)

Since hitting an all-time high of 0$.74 last month, DOGE has fallen 73.19%. Even the presence of a Dogecoin on the NASCAR circuit did not change the fortunes of the meme coin. DOGE slipped after the car bearing the Shiba Inu mascot crashed into a wall on Monday.

Why It Matters: DOGE’s decline comes in the wake of a broader rout in the cryptocurrency market that also tanked cryptocurrencies with larger market capitalization like Bitcoin BTC/USD and Ethereum ETH/USD

Meanwhile, the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, in a LinkedIn response called DOGE a Ponzi scheme. The interaction took place on the LinkedIn page of Coinbase Global Inc’s COIN Chief Legal Officer Paul Grewal.

Another factor working against DOGE at press time was the absence of meme-tweets in recent weeks by celebrity Dogecoin supporter and Tesla Inc TSLA CEO Elon Musk, who has otherwise been a major catalyst for the rise in the cryptocurrency's price.

The only recent tweet from Musk concerning Dogecoin was him dubbing a fee reduction update as an "important improvement." 

Read Next: Dogecoin Headed To 5 Cents After Losing Crucial Support Level And Even Elon Musk Can't Save It, Says Bitcoin Bull

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBlockchaindogecoinMeme Coins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!