Why Is Dogecoin Dropping Lower Today?

Dogecoin DOGE/USD traded 3.3% lower at $0.22 over 24 hours early Monday morning.

What’s Moving? The cryptocurrency has declined 15.7% over a seven-day trailing period.

DOGE fell 0.57% against Bitcoin and rose 0.89% against Ethereum over 24 hours. 

In the last 30 days, DOGE has fallen 9.5% and in a 90-day period, it has lost 29.8% of its value. 

Since the year began, DOGE gains have amounted to 3804.25%. The coin touched an all-time high of $0.74 in May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE fell alongside other major coins as the global cryptocurrency market capitalization decreased 2.96% to $2.56 trillion on Monday.

DOGE is now the eleventh-largest cryptocurrency by market cap after it was flipped by Avalanche, which has emerged as the tenth-largest coin.

The meme coin’s market cap at press time was $29.34 billion, while Avalanche’s stood at $29.71 billion.

DOGE was not among the “Top 10 Mentions” on Twitter list at press time, according to Cointrendz data.

The three most mentioned coins on Twitter at press time were Crypto.com Coin, Bitcoin, and Ethereum. They attracted 9,560, 7,664, and 5,574 tweets, respectively. 

Dips in the price of Bitcoin continue to enthuse investors. The dips “will continue to attract plenty of interest, as per Craig Erlam, senior market analyst at Oanda.

The interest in DOGE also appears to be intact as it was the most “Googled” cryptocurrency in the United States as per research conducted by The Advisor Coach, a financial advisor.

Meanwhile, over the weekend, DOGE co-creator Billy Markus reminded the community surrounding the coin of its raison d'être and asked them to ensure it does not become a “parody of itself.”

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