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Dogecoin: why did it crash today?

Dogecoin (CRYPTO: DOGE) was trading 10% lower at $ 0.284 in the 24-hour period early Tuesday.

What is moving?

The Shiba Inu-themed coin rose 2.8% over the seven-day period. Compared to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) DOGE fell 8.23% and 4.15% respectively. Since the start of the year, DOGE is up 4864%, hitting an all-time high of $ 0.74 in early May.

Why is it moving?

At the time of writing, all the major coins were in the red and DOGE was no exception as the global cryptocurrency market cap was $ 2.26 trillion, down 4.3% in 24 hours.

DOGE attracted relatively little interest on Twitter Tuesday morning as it lagged behind several cryptocurrencies in terms of number of mentions, data from Cointrendz shows.

Solana (CRYPTO: SOL) attracted the most interest with 8,880 tweets, while DOGE was mentioned in 2,033 tweets at the time of publication. Three Popular Technical Analysts –Justin Bennett, Scott Melker, also known asThe Wolf of All Streets, and the pseudonymous analyst Altcoin Sherpa – made bullish observations on DOGE over the weekend.

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Altcoin Sherpa said it was not a question of “if” DOGE will hit $ 1, but rather “when” Melker said DOGE “looks ready to float back” to the $ 0.35 level.

In the meantime, the market capitalization rose from Wifedoge (CRYPTO: WIFEDOGE), a token calling itself the wife of DOGE, to $ 2.32 million last week, up over 3,000% in market cap in just a single day.

Wifedoge has 5% of its coins for the CEO of Tesla Inc. (NASDAQ: TSLA), Elon Musk, which are given to him “at the right time” according to the project.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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