Why Is Dogecoin Trading Largely Flat Despite AMC Cryptocurrency Announcement?

Dogecoin DOGE/USD inched up 0.31% to $0.26 over 24 hours early Friday morning.

What’s Moving? The meme coin was largely flat for the week, rising 0.005% over a seven-day period.

DOGE rose 0.49% against Bitcoin and fell 1.27% against Ethereum over 24 hours.

Over a 30-day period, DOGE has risen 17.25%, while in the last 90 days it has fallen 9.82%. Since 2021 began, DOGE has soared 4507.85%.

Why Is It Moving? DOGE did not show much movement coupled with the apex coin on Friday. The global cryptocurrency market cap rose marginally by 0.19% to $2.84 trillion at press time.

The cooling off in major coins Bitcoin and Ethereum after hitting all-time highs appears to have been caused by a decline in leveraged positions.

Glassnode data indicates nearly $64 million of long positions were liquidated just two hours after BTC touched an all-time high of almost $69,000 on Wednesday.

On Thursday, AMC Entertainment Holdings Inc AMC CEO Adam Aron tweeted that the company now accepts Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Aron said DOGE was next.

Aron’s announcement caught the attention of DOGE aficionados on Twitter. DOGE co-creator Billy Markus was among those who responded to the AMC CEO’s tweet.

Dogecoin-focused Youtuber Matt Wallace noted that companies that accept the meme coin before the next huge wave are “extremely smart!!”

Meanwhile, Binance, the largest cryptocurrency exchange by volume, temporarily suspended DOGE withdrawals after discovering a “minor issue.” The problem was noticed by the exchange after it updated to the latest version of Dogecoin software.

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