Why Is Dogecoin Trading Lower Today Despite Elon Musk's Tweet?

Dogecoin DOGE/USD traded 2.35% lower at $0.17 over 24 hours leading up to early Tuesday morning.

What’s Moving? The meme cryptocurrency has shot up 16.1% over a seven-day trailing period.

DOGE fell 0.7% against Bitcoin (BTC) and rose 1% against Ethereum (ETH) over a 24-hour period.

Over the last 30 days, DOGE has gained 0.4%, while it has declined 29.13% over a 90-day window.

Since the year began, DOGE gains have amounted to 0.2%. The cryptocurrency touched an all-time high of $0.74 in May last year.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved lower in tandem with other major coins at press time as the global cryptocurrency market cap fell 2.4% to $2 trillion.

DOGE saw a moderate amount of mentions on Twitter at press time as per Cointrendz data. The coin attracted 2,158 tweets.

The three most mentioned coins were Bitcoin, Cardano, and Ethereum, which attracted 10,664, 4,239, and 3,857 tweets, respectively. 

Data from Delphi Digital, an independent cryptocurrency analysis firm, shows that Bitcoin accumulation by whales has slowed even though retail investors are piling on the coin since the end of 2021. The lack of whale activity could signal more “blood to come.” 

Meanwhile, Tesla Inc TSLA CEO Elon Musk commented on the joke status of DOGE. His comments were made in response to a tweet by DOGE co-creator Billy Markus, who questioned people having meltdowns “about dogecoin’s origins as a joke.”

Musk said, “the most entertaining outcome is the most likely.” 

DOGE has lost gains since Tesla began to accept the coin as payment for some of its merchandise. Notably, the company is displaying the prices of some items in DOGE.

DOGE has resistance levels at $0.176 and $0.196 and support below the $0.167 and the 15-cent mark, according to Benzinga’s Melanie Schaffer.

On Monday, Decentralized and autonomous liquidity network Thorchain (RUNE) said the native Dogecoin pool is now live, which means users can now earn DOGE.

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