Why Is Dogecoin Moving Today?

Dogecoin (CRYPTO: DOGE) traded almost 8% in the red among a broader decline in major cryptocurrencies in the early hours of Thursday.

What’s Moving? The Shiba Inu-themed cryptocurrency traded 7.98% lower at $0.22 at press time. On a seven-day trailing basis, DOGE has fallen 12.14%.

DOGE was down 3.61% against Bitcoin (CRYPTO: BTC) and 1.64% against Ethereum (CRYPTO: ETH) over 24 hours.

See Also: How To Buy Dogecoin (DOGE)

DOGE was down 70.58% from an all-time high of $0.74 it touched in May. Even so, the meme coin has managed to appreciate 4,505.43% since the year began.

Why Is It Moving? Despite its downward movement, DOGE continues to capture the imagination of social media users. 

At press time, it was the most mentioned cryptocurrency on Twitter with 7,555 tweets, followed by ETH and BTC at 5,673 and 5,396 tweets respectively, according to data from CoinTrendz.

See Also: Bitcoin, Ethereum, Dogecoin Take A Breather But These Cryptocurrencies Are Striking Massive Gains

This week millionaire DOGE investor Glauber Contessoto said he would double down on his investment in the cryptocurrency. A filing indicated that Rep. Barry Moore (R-AL) had also purchased into the meme coin.

On Thursday, news emerged that InComm Payments, a payments leader, is partnering with Flexa, a payments network, to offer its retail partners a means to accept digital currencies including DOGE.

Ric Edelman, executive chairman of Edelman Financial Engine, termed DOGE a “scam” and “nothing more than a joke” on Wednesday. He warned it is something that “ends very badly.” 

Read Next: Are These Three Factors Keeping Dogecoin Distant From The Moon?

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