Why Is Dogecoin Moving Today?

Dogecoin (CRYPTO: DOGE) traded 5.62% lower at $0.20 early Monday at press time.

What’s Moving? The Shiba Inu-themed cryptocurrency traded 7.68% lower over a seven-day trailing period.

Against Bitcoin (CRYPTO: BTC), DOGE rose 1.05% over 24 hours, and against Ethereum (CRYPTO: ETH) it fell 3.33% in the same period.

DOGE has soared 3,488.54% since the year began and traded 71.74% below the all-time high of $0.73 it reached in May this year.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Dogecoin is trading lower amid concerns that cryptocurrencies, including DOGE, could be ensnared in a wider tax dragnet as the Senate is debating the bipartisan infrastructure funding bill, which will be financed through strengthened tax enforcement on such assets.

DOGE was the fourth most mentioned cryptocurrency on Twitter at press time, as per data from Cointrendz. The most discussed coins were BTC, XRP (CRYPTO: XRP), and ETH.

See Also: Is Now The Time To Buy Ethereum As London Hard Fork Draws Closer?

Over the weekend, Dogecoin co-creator Billy Markus said on Twitter that the DOGE community is showing a “lot of early signs of illness.”

Markus posted an open letter he wrote to the community in 2014, which he said was “still applicable.” 

The letter stated that the community begins to get sick when people stop trying to make positive things happen and instead begin to complain about what others need to do for them.

Read Next: Cathie Wood’s Ark Says Bitcoin Recovery Seems To Have Been Catalyzed By Elon Musk

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights

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