Why Is Dogecoin Moving Today?

Dogecoin DOGE/USD traded over 6% lower as major cryptocurrencies sank amid a market-wide downturn.

What's Moving? DOGE traded 6.48% lower at $0.20 at press time over 24 hours. For the week, DOGE is down 14.75%.

DOGE declined 2.41% against Bitcoin BTC/USD but managed to gain 0.79% against Ethereum ETH/USD.

The meme cryptocurrency has shot up 4,173.2% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: The fall in DOGE came despite Tesla Inc TSLA CEO Elon Musk’s mentions of the Shiba Inu-themed cryptocurrency on Twitter.

See Also: Think Dogecoin Days Are Over? These Indicators Suggest There's More To Come

Musk replied to a tweet by meme creator Greg which contained a photo of him with his infant son X Æ A-Xii.

On Monday, after his court appearance in a case related to the automaker’s acquisition of SolarCity, Musk yelled out “Daddy Doge” while walking to a waiting vehicle at the urging of an enthusiastic member of the public.

On the same day, Musk teased that Tesla’s vehicles could render a Dogecoin when they came across a Shiba Inu dog.

Dogecoin continues to see overall high social media interest, attracting the third-highest interest of any cryptocurrency on Twitter — next to Binance Coin BNB/USD and Bitcoin, as per data from Cointrendz.

Musk’s tweets are known to move DOGE at times, but that is not always the case. Monday was the second day when his social media activity failed to send the cryptocurrency higher.

See Also: Even A Tanking Bitcoin Is Good For Coinbase's Business, Goldman Sachs Says As It Reiterates Buy Rating