Why Is Dogecoin Crashing Today?

Dogecoin (CRYPTO: DOGE) traded 10% lower over the past 24 hours to $0.284 early Tuesday.

What’s Moving? The Shiba Inu-themed coin was up 2.8% over a seven-day trailing period. 

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE fell 8.23% and 4.15% respectively.

Since the year began, DOGE is up 4864%, having hit an all-time high of $0.74 in early May.

See Also: Bitcoin Strikes Gains As El Salvador Becomes First Known Country To Buy Into Cryptocurrency

Why Is It Moving? At press time, all major coins were trading in the red and DOGE was no exception as the global cryptocurrency market cap stood at $2.26 trillion, a drop of 4.3% over 24 hours.

DOGE attracted relatively low interest on Twitter on Tuesday morning as it trailed several cryptocurrencies in terms of the number of mentions, as per data from Cointrendz.

See Also: How To Short Dogecoin

Solana (CRYPTO: SOL) attracted the most interest with 8,880 tweets, while DOGE was mentioned in 2,033 tweets at press time.

Three popular technical analysts — Justin Bennett, Scott Melker, also known as The Wolf of All Streets, and pseudonymous analyst Altcoin Sherpamade bullish observations on DOGE over the weekend.

Altcoin Sherpa said it’s not a question of “if” DOGE will hit $1, but “when.” Melker said DOGE “looks ready to levitate back” to the $0.35 level. 

Meanwhile, Wifedoge (CRYPTO: WIFEDOGE), a token that calls itself wife of DOGE, saw its market capitalization rise to $2.32 million last week, with gains of over 3,000% in market cap in just a single day.

Wifedoge has reserved 5% of its coins for Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, which the project said will be given to him “at the right time.”

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