Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 3.88% lower at $0.17 over 24 hours leading up to early Friday morning.

What’s Moving? DOGE has plunged 18.78% over a seven-day trailing period.

The meme cryptocurrency traded 0.96% lower against Bitcoin and rose 2% against Ethereum.

Since the year began, DOGE has gained 2889.67%. It fell 37.24% in the last 30 days and 29.44% in a 90-day period.

DOGE rose to an all-time high of $0.74 in May. At press time, it traded 79.96% below that level.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE declined in tandem with other large coins at press time as the global cryptocurrency market cap decreased 4.48% to $2.26 trillion.

DOGE was the most mentioned coin at press time on Twitter, as per Cointrendz data. It attracted 4,715 tweets. The next mentioned name was Bitcoin, which attracted 2,341 tweets.

Cryptocurrencies plunged on Thursday after China Evergrande Group EGRNF defaulted on a debt obligation. Electricity shortages in Kazakhstan were another reason the apex coin took a hit, as per an analyst.

DOGE-co creator Billy Markus had his say on the Evergrande-led cryptocurrency carnage on Thursday. 

Dogecoin-bull and Tesla Inc TSLA CEO Elon Musk said Thursday that he was thinking of quitting his jobs and "becoming an influencer full-time.” The comment by Musk attracted plenty of attention from cryptocurrency enthusiasts.

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