Why is Dogecoin trading lower this Tuesday?

Why is Dogecoin trading lower this Tuesday?

We analyze where the meme cryptocurrency is going and why it’s trading down today

Dogecoin
It was trading 10% lower at $0.284 after a 24-hour follow-up period on Tuesday.

observed movement
The Shiba Inu-themed coin gained 2.8% over the seven-day tracking period.

with bitcoin

and Ethereum

, DOGE fell 8.23% and 4.15%, respectively.

DOGE has been up 4,864% since the start of the year, reaching an all-time high of $0.74 in early May.

Why move?
At press time, all major tokens are in the red, and DOGE is no exception, as the global cryptocurrency market cap of $2.26 trillion is down 4.3% in 24 hours.

Also read: El Salvador, the first country in the world to buy Bitcoin

According to Cointrendz, DOGE was relatively low on Twitter on Tuesday morning, as it trailed several cryptocurrencies in terms of mentions.

solarium

The most followed was 8,880 tweets, while DOGE appeared in 2,033 tweets in the last comment.

Three popular technical analysts, Justin Bennett, Scott Melker (aka The Wolf of All Streets), and an analyst who goes by the pseudonym Altcoin Sherpa made bullish comments on DOGE over the weekend.

Altcoin Sherpa emphasized that it’s not a question of “if” DOGE will hit $1, but “when.” For his part, Melk noted that DOGE “looks poised to re-suspend” at the $0.35 level.

wife at the same time

The self-proclaimed DOGE wife’s token, whose market cap rose to $2.32 million last week, gained more than 3,000% in just one day.

Wifedoge reserves 5% of tokens for Tesla CEO

, Elon Musk, according to which the project will be delivered to him at the “right time.”​

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