Why Is Dogecoin Trading Lower Today And Can Its Spirits Be Lifted By A 'Pupweiser' Contest?

Dogecoin DOGE/USD traded 4% lower at $0.24 over 24 hours leading up to early  Wednesday morning. 

What’s Moving? The meme cryptocurrency has fallen 12.23% over a seven-day trailing period. The 24-hour trading volume for DOGE rose 43.16% to $2.12 billion at press time.

DOGE has lost 2.98% and 1.56% against Bitcoin and Ethereum respectively over 24 hours. 

Over a 30-day period, DOGE fell marginally by 0.77% but over 90 days the coin has fallen 20.97%. 

Since 2021 began, DOGE has spiked 4048.53% rising to an all-time high of $0.74 in May. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE fell in tandem with other major coins at press time. The global cryptocurrency market cap rose 1.13% to $2.58 trillion. 

DOGE was the last on the “Top 10 Mentions” on Twitter list arranged by Cointrendz at press time. 

The meme cryptocurrency was mentioned in 661 tweets, while the three top coins on the list — Bitcoin, Solana, and Ethereum — attracted 5,264, 3,684, and 2,617 tweets, respectively.

Major coins tanked Tuesday after President Joe Biden signed the infrastructure bill that contains provisions related to taxes on cryptocurrencies. 

Short term outlook for cryptocurrencies is “cloudy” as per Oanda Senior Market Analyst Edward Moya.

Even so, optimism is intact for some DOGE aficionados like the YouTuber Matt Wallace, who put his end-of-the-year prediction for the coin at $1.

Meanwhile, Anheuser-Busch InBev SA/NV BUD beer brand Budweiser is once again bringing back its "Pupweiser Contest."  

The beverages firm is asking participants to post a picture of their dog on Twitter using the hashtag “PupweiserContest.” The selected pooch will be featured on the company’s next holiday can.

On Tuesday, Budweiser said it knows that the DOGEArmy will “put their paws” on the retweet button. 

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