Dogecoin (CRYPTO: DOGE) traded 4.71% lower at $0.18 at press time in the early hours of Friday.
What Is Moving? DOGE has fallen 10.59% for the week. Against the two largest cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the coin has fallen 2.12% and 2.66% respectively.
See Also: How To Buy Dogecoin (DOGE)
While DOGE has plunged over 42% over the last 30 days, another Dog-themed coin has followed a different trajectory in this period. Baby Doge Coin (CRYPTO: BABYDOGE) shot up 1,141.67% in the same time frame.
BABYDOGE traded 4.10% higher at $$0.000000002262 at press time.
Why Is It Moving? DOGE moved alongside other major cryptocurrencies such as BTC and ETH into the red. A factor in the downturn among the lead cryptocurrency, Bitcoin, is its waning popularity as evidenced by Google Trends.
Dogecoin showed weakness at press time even though the hashtag “Dogecan” trended on Twitter. Dogecan is a reference to a DOGE-inspired fragrance due to be launched by Unilever Plc’s (NYSE:UL) Axe brand.
Dogecoin co-creator Billy Markus noted that the body spray was trending on Twitter. Also among those who pushed #dogecoin was DOGE investor Glauber Contessoto popularly known as “SlumDOGE Millionaire.”
This week, Dogecoin’s co-creator Jackson Palmer called cryptocurrencies “an inherently right-wing, hyper-capitalistic technology” on Twitter. Palmer said he would not be returning to cryptocurrency or share thoughts on the topic again.
Dogecoin continues to show weak technicals, trading below the 30-day and 60-day moving averages with a relative strength index of 31.7 at press time.
Photo by Play Your Place On Flickr
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