Why Is Dogecoin Crashing Today?

Dogecoin (CRYPTO: DOGE) traded over 8% lower at press time in the early hours of Tuesday among a broader cryptocurrency meltdown.

What’s Moving? DOGE was in the red 8.4% at $0.16 over 24 hours at press time. The Shiba Inu-themed cryptocurrency plunged 18.85% for the week.

See Also: How To Buy Dogecoin (DOGE)

Against larger-cap cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 1.88% and 0.35% lower, respectively.

DOGE’s year-to-date gains have fallen below 3000% at 2,792.82%. Over the last 30 days, the meme coin has fallen 42.22%.

Why Is It Moving? DOGE fell along with other major coins as the global cryptocurrency market cap fell 7.51% to $1.2 trillion at press time.

See Also: If You Invested $1,000 In Baby Doge Coin A Month Ago, Here’s How Much You Would Have Now

Dogecoin co-creator Billy Markus noted the cyclical connection between panic selling and price erosion of assets on Twitter Inc’s (NASDAQ:TWTR) platform.

Markus noted that nothing is “guaranteed” when it comes to cryptocurrencies on Twitter. He gave examples of historical prices of Ethereum to make his point.

Meanwhile, DOGE investors are filing a class-action suit against Coinbase Global Inc (NASDAQ:COIN) seeking $5 million in damages over a $1.2 million “Dogecoin Sweepstakes” dating back to June.

The investors allege Coinbase entry rules surrounding the sweepstakes were misleading.

Read Next: Dogecoin Co-Creator Says 99.9% Of Crypto Market Is Driven By ‘Greater Fool Theory’

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