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Why Is Dogecoin In Such A Slumber Right Now?

June 22, 2021 2:43 am
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Why Is Dogecoin In Such A Slumber Right Now?

Dogecoin (CRYPTO: DOGE) 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 (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). 

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 (NASDAQ: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 (NASDAQ: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

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