Why Is Dogecoin Trailing Shiba Inu Today?

Dogecoin DOGE/USD traded 6.6% lower over 24 hours to $0.2858 t press time Friday morning.  

What’s Moving? The meme cryptocurrency had risen 18.29% over the last seven days. Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE lost 7.2% and 10.98% respectively over the last 24 hours.

DOGE has risen 5059.22% since 2021 began reaching an all-time high of $0.74 in May. In the last 30 days, DOGE has appreciated 46.95%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE didn't move in tandem with major coins as the global cryptocurrency market cap rose 4.99% to $2.61 trillion at press time.

DOGE was the fourth most trending cryptocurrency on Twitter and was mentioned in 5,886 tweets at press time, as per Cointrendz data.

The top three trending coins — Shiba Inu SHIB/USD, Bitcoin, and Ethereum — were mentioned in 17,151,13,027, and 6,243 tweets respectively. 

On Wednesday, DOGE spiked reaching an intraday high of $0.34. The rising DOGE spelled “weakness” for rival SHIB.

SHIB is down 8.8% to $0.00007078 at press time.

The same capital is moving between the two coins, as per independent research boutique Delphi Digital.

“The two could have made a decent pair trade today (long DOGE, short SHIB), which may indicate the same capital moving to and from the two assets. If true, a SHIB rally could signal a coming DOGE dump.”

On Thursday, Dogecoin was seen holding above the 30-cent mark, which as per Benzinga’s Melanie Schaffer is a “key level in  terms of both psychological and price history support.”

Amsterdam-based cryptocurrency trader Michaël van de Poppe shared a Dogecoin chart on Twitter indicating the key level of 0.3448. As per him if Doge surpasses that mark it is a “party.”

Very simple chart on $DOGE. pic.twitter.com/88VLYuhfqM

— Michaël van de Poppe (@CryptoMichNL) October 28, 2021

DOGE co-creator Billy Markus’ comment on Twitter that “crypto prices will cause mental health issues” earned agreement from Tesla Inc TSLA CEO Elon Musk on Thursday.

 

— Elon Musk (@elonmusk) October 28, 2021