Why Is Dogecoin Slumping Today?

Dogecoin DOGE/USD traded 3.8% lower over 24 hours at $0.13 leading up to early Friday morning. 

See Also: How To Buy Dogecoin (DOGE)

Why It's Moving? DOGE traded lower in tandem with other major coins at press time, as the global cryptocurrency market cap fell 4.5% to $1.8 trillion at press time.

DOGE was among the most mentioned coins on Twitter. At press time, it attracted 221 tweets, according to Cointrendz data. 

The three most mentioned coins — Bitcoin, Ethereum, and Cardano — attracted 1,914, 973, and 654 tweets, respectively. 

Major coins plunged Thursday evening as investors remained on edge due to the ongoing Russia-Ukraine conflict. Bitcoin needs “risk appetite to be healthy” for prices to run above $50,000, said OANDA Senior Analyst Edward Moya. 

DOGE is digging into two bullish patterns and faces resistance above at $0.135 and $0.146 levels. It has support at 12 cents and the psychologically important 10-cent mark, according to Benzinga’s Melanie Schaffer. 

While McDonald’s Corporation MCD may be dithering on DOGE adoption, Shake Shake Inc SHAK is making a move on offering cryptocurrency rewards.

Meanwhile, Dogecoin Foundation has registered the European Union trademarks for “Dogecoin,” “Doge” and associated logos in order to safeguard the memecoin’s name and imagery.

Dogecoin Chatter: Dogecoin co-creator Billy Markus took on Bitcoin bull Michael Saylor on Twitter on Thursday. Saylor had said that “[Bitcoin] is the only thing you can truly own.”

Markus also tweeted that a dedicated DOGE wallet, “MyDoge,” was released for iOS on the same day.

DOGE-oriented Twitter handle Mishaboar reminded his followers that the MyDoge wallet is a “hot (online) smartphone wallet.” They said that for long-term holding, cold wallet solutions like hardware wallets are recommended. 

Read Next: More Than $52M In Bitcoin, Ethereum, Dogecoin Has Been Donated To Ukraine So Far