Why Is Dogecoin Stumbling Today Amid A Hamburger-Driven Social Media Frenzy?

Dogecoin DOGE/USD traded nearly 2.6% lower over 24 hours leading up to Thursday morning.

Dogecoin, In Numbers: 

• 24-Hour Performance:-2.6%
• 7-Day Performance: -14.8%
• 30-Day Performance: -22.2%
• YTD Performance: -19.1%

Why It’s Moving? DOGE traded lower along with other major coins at press time, as the global cryptocurrency market cap fell 3.8% to $1.6 trillion at press time.

At press time, DOGE was seen trending on Twitter. The meme coin was also noted as trending on CoinMarketCap.

On Tuesday, DOGE along with other major coins were relatively stable after the U.S. Federal Reserve left interest rates unchanged. However, the Federal Open Market Committee said that with, “inflation well above 2% percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate.”

DOGE is trading below its eight-day and 21-day exponential moving averages (EMAs). The eight-day EMA is trending below the 21-day — both of which are bearish indicators, according to Benzinga’s Melanie Schaffer.

Amid the intense buzz surrounding McDonald’s accepting DOGE, YouTube personality MrBeast’s restaurant said it will “work on” accepting the meme coin if Tesla Inc TSLA CEO Elon Musk does something for it first.

See Also: How To Buy Dogecoin (DOGE)

Dogecoin Chatter: Meanwhile, fast-food chains continue to engage with DOGE coin fans online. On Tuesday, Burger King United Kingdom wondered on Twitter if a DOGE made “this coin.” Burger King got a response from DOGE’s co-creator Billy Markus. 

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