Why Is Dogecoin Crashing Today?

Dogecoin DOGE/USD plunged 15% to $0.11 in the early hours of Thursday as Russia’s President Vladimir Putin announced military action against Ukraine.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded sharply lower alongside other major coins as the global cryptocurrency market cap decreased 8% to $1.6 trillion. 

DOGE was not among the most mentioned coins on Twitter at press time. The three most discussed coins on the social media platform were Elrond, Bitcoin, and Ethereum. They attracted 2,983, 1,632, and 894 tweets, respectively. 

Ahead of the Russian announcement on Wednesday evening, risk assets — including cryptocurrencies — were seen trading lower. Evidence of de-risking was visible as investors moved into stablecoins.

DOGE core developer Ross Nicoll said he was stepping away from the project citing the “stress involved,” which he said was “overwhelming.” Nicoll would be quitting the board of directors at the Dogecoin Foundation as a result. 

Meanwhile, a report shared with Benzinga by Finder suggests that DOGE is expected to reach the $0.163 level by the end of 2022. By 2030, the coin is expected to hit $0.541, according to a panel associated with the firm behind the report. 

Dogecoin Chatter: The focus of conversations turned to Ukraine after Putin announced a “special military operation” on Wednesday night. Post, the Russian leader’s televised appearance blasts were heard in the Ukrainian capital and other major cities of the country. 

DOGE co-creator Billy Markus expressed his dismay over the eruption of hostilities in a tweet. 

Markus said it was not appropriate to post memes given the circumstances, but “cute doges are always ok.”

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