Why Is Dogecoin Failling Sharply Today


Dogecoin DOGE/USD dropped 5.3% lower at $0.13 over 24 hours leading up to Friday morning.

DOGE dropped sharply lower alongside other major coins as the global cryptocurrency market cap decreased 7.2% to $1.7 trillion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -5.3%
24-hour against Bitcoin 2.9%
24-hour against Ethereum 1.7%
7-day -6.8%
30-day -21.8%

YTD performance

-25.8%

See Also: How To Get Free Crypto

The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter. It attracted 984 tweets at press time, according to Cointrendz data. The three most mentioned coins were Bitcoin, KuCoin and Ethereum at press time.
  • The 24-hour trading volume for DOGE rose 25.95% to $1.2 billion, according to data from CoinMarketCap.
  • Coinglass data indicated that $4.56 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme coin plunged.

Could FUD Lead To A Crypto Spike?

Dogecoin and other major peers dropped sharply on Thursday along with other risk assets like stocks. Market intelligence platform Santiment said on Twitter that “Historically, when calls for #selling spikes, crowd [fear, uncertainty, and doubt or FUD] like this strengthens the case of a continued rise.”

Doge Co-Creator On Bitcoin And Recession

DOGE co-creator Billy Markus took a potshot at Bitcoin investors on Thursday. He said that while inflation is “good” for Bitcoin, recessions aren’t. 

“When people don’t have excess money, they don’t buy stupid shit like bitcoin. They buy food and shelter,” said Markus on Twitter. 
 

DOGE On The Web

Gokhshtein Media founder and DOGE-bull David Gokhshtein said Thursday that rapper Ice Cube is now a “big fan” of Dogecoin. He said, “That’s dope.”

It was reported earlier that Dogecoin investor Bill Lee purchased all 25 fire-tier editions of the Aliens, a BIG 3 basketball team in the largest DOGE transaction in history. The BIG3 is a 3-on-3 league co-founded by Ice Cube.

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