Elon Musk touting transactional superiority over Bitcoin proves insufficient: why Dogecoin is collapsing today – Dogecoin – US dollar ($ DOGE)

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Dogecoin (CRYPTO: DOGE) traded down 5.05% to $ 0.16 over 24 hours until Tuesday morning.

What is moving? DOGE fell 12.05% over a seven-day period.

Against Bitcoin, DOGE fell 0.86%, while it rose 1.04% against Ethereum in a 24-hour period.

So far this year, DOGE has risen 2,667.20%, hitting an all-time high of $ 0.74 in May.

DOGE has fallen 34.48% in the last 90 days and 39.72% in a 30-day period.

See also: How to buy Dogecoin (DOGE)

Why is it moving? DOGE fell alongside other major coins at the time of publication as the global cryptocurrency market cap plunged 5.39% to $ 5.39 trillion.

DOGE was among the most mentioned cryptocurrencies on Twitter, according to data from Cointrendz.

The coin meme attracted 2,093 tweets at the time of publication, while the three most mentioned coins Bitcoin, Ethereum and Solana attracted 10,928, 5,038 and 3,897 tweets, respectively.

Investors are on the lookout for the pace of the decline and a key decision on interest rates as the Federal Open Market Committee meets this week. The apex coin fell despite shockingly high inflation figures reported last week. Bitcoin is considered to be an inflation hedge by some.

Dogecoin may not find strong resistance until it hits the $ 0.35 mark if it manages to maintain the $ 0.15 support level, Benzinga’s Tyler Bundy wrote.

On Monday, Elon Musk, CEO of DOGE bull and Tesla Inc (NASDAQ: TSLA), said in an interview with Time magazine that DOGE has better transaction value than Bitcoin. Musk is Time’s “Person of the Year” for 2021.

DOGE co-creator Billy Markus pointed to Musk’s credentials as a co-founder of Paypal Holdings Inc (NASDAQ: PYPL) and said it was safe to say he “might know a little bit. more on the money, then you know, it might be worth a listen.

Elon Musk talks seriously about #Dogecoin in an interview with TIME magazine’s Personality of the Year.

I think it’s safe to say that the PayPal co-founder maybe knows a bit about the money, so you know, it might be worth listening to pic.twitter.com / QCK2xL7502

– Shibetoshi Nakamoto (@ BillyM2k) December 13, 2021

Read more: These 5 coins saw big gains last week even as Bitcoin, Ethereum and Dogecoin struggled in a bear market

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