Dogecoin Adopts A Downward Dog Posture — Is The Maneuver All Due To Bitcoin?

Dogecoin DOGE-X  traded 2.9% lower over 24 hours at $0.175 leading up to early Wednesday morning. 

What’s Moving? 

The meme cryptocurrency has risen 1.8% over a seven-day trailing period.

DOGE was up marginally by 0.04% against Ethereum (ETH-X) and fell 0.4% against the apex cryptocurrency Bitcoin (BITCOMP) over 24 hours at press time.

Trading volumes of DOGE fell 36% over a 24 hour period to $573.95 million, according to CoinMarketCap data.

Over the last 30 days, DOGE has fallen nearly 14%, while it has dropped a little over 13% over the course of 90 days. 

Since the year began, DOGE has risen up almost 3000%. It touched an all-time high of $0.74 in May.

Photo by Executium on Unsplash

Why Is It Moving? 

DOGE’s decline at press time was in tandem with other major coins as the global cryptocurrency market cap fell 3% to $2.3 trillion.

DOGE saw a moderate amount of mentions on Twitter at press time as it attracted 1,130 tweets, according to Cointrendz data.

The three most mentioned coins were Bitcoin, Solana, and Ethereum. They attracted 9,036, 3,951, and 2,954 tweets respectively. 

Major cryptocurrencies, including DOGE, plunged Tuesday as a total of 129,800 BTC options contracts worth $6 billion are set to expire Friday. 

Dogecoin co-creator Billy Markus took a dig at Bitcoin on Tuesday in a tweet through a meme. 

dammit #Bitcoin pic.twitter.com/WJdkf9PzPX

— Shibetoshi Nakamoto (@BillyM2k) December 28, 2021

In a separate tweet, Markus made light of Bitcoin’s ability to hedge inflation. 

“Hey #Bitcoin, hedge inflation!”
Bitcoin: pic.twitter.com/Ol577UyrvC

— Shibetoshi Nakamoto (@BillyM2k) December 29, 2021

Markus was not the only DOGE community member to take a pot shot at the apex coin. In an interview with the Podcast host Lex Fridman, Tesla Inc TSLA CEO Elon Musk extolled the virtues of DOGE over BTC. 

“I think there’s some merit to Dogecoin even though it was obviously created as a joke is that it actually does have a much higher transaction volume capability than Bitcoin,” said Musk.