Dogecoin (CRYPTO: DOGE) traded 1.04% lower at $0.20 over 24 hours leading up to early Wednesday morning.
What’s Moving? The Shiba Inu-themed coin has fallen 3.81% over a seven-day trailing period.
See Also: How To Buy Dogecoin (DOGE)
Against the apex cryptocurrency, Bitcoin (CRYPTO: BTC), DOGE fell 0.45% over 24 hours while against Ethereum it rose 0.28%.
DOGE has gained 3,410.32% since the year began. Over the last 30-days, the meme cryptocurrency has declined 28.98%.
Why Is It Moving: DOGE fell at press time alongside other major coins as the global cryptocurrency market capitalization shrank 0.83% to $1.87 trillion.
DOGE saw moderate interest on Twitter at press time and was mentioned in 1,347 tweets, as per Cointrendz data.
BTC and Solana, saw the highest interest on Twitter and were mentioned in 6,722 tweets each.
Cryptocurrencies remained depressed on Tuesday as prices came under pressure due to the ongoing debt ceiling standoff in Washington, D.C.
Treasury Secretary Janet Yellen warned Congress that lawmakers must raise the debt limit by Oct. 18 or they risk government default.
Brain Price, head of investment management for Commonwealth Financial Network, said the standoff is likely to be resolved and the current trading action is more a result of market sentiment.
As regulatory clouds gather over the cryptocurrency segment, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk advocated the U.S. government should “do nothing.”
The entrepreneur also touched on China’s cryptocurrency crackdown which he attributed to the prevailing electricity shortage in the country and the decentralized nature of the digital assets which may pose a challenge to the Chinese central government’s authority.
Meanwhile, DOGE again rested at the critical support level of $0.196 on Tuesday and saw a slight upwards bounce.
As per Benzinga’s Melanie Schaffer, DOGE is trading in a descending triangle pattern, which has been holding since Sept. 17.