Why Is Dogecoin Moving Today?

Dogecoin (CRYPTO: DOGE) traded 3.73% lower at $0.18 at press time over 24 hours.
What’s Moving? The Shiba Inu-themed cryptocurrency have plunged 17.77% over a week.

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE fell 3.38% and 1.09% over 24 hours, respectively.

DOGE’s year-to-date gains stand at 3,059.18%. The meme coin has declined 75.63% since it touched an all-time high of $0.74 in early May.

Why Is It Moving? The downward trend in Dogecoin is coming despite a string of bullish news.

DOGE trading volumes shot up 1250% in the second quarter as per data put out by Coinbase Global Inc (NASDAQ:COIN), reported Business Insider over the weekend.

Average trading volume for the meme cryptocurrency reportedly rose to $995 million per day in the period extending from April to June compared with $74 million a day in the preceding quarter.

The boom in trading volumes took place as exchanges such as Coinbase, eToro, and Gemini listed the coin, reported Business Insider.

Among other factors, on Sunday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk enthused DOGE fans as he changed his profile photo on Twitter with one that showed him wearing a pair of aviator-style sunglasses.

The sunglasses reflected a Shiba Inu dog, which is the mascot for Dogecoin. Cryptocurrency investor, David Gokhshtein, noted that #DogShares was the top trending hashtag on Twitter on Sunday evening.

Last week, “Dogecan,” a reference to Unilever Plc’s (NYSE:UL) Axe brand fragrance, trended on Twitter.

Dogecoin co-founder Jackson Palmer also took to Twitter after a long hiatus to denounce cryptocurrencies, and his comments were met with opposition from industry veterans, including his Dogecoin co-creator Billy Markus.

Bitcoin developer Jameson Lopp also took digs at Palmer. Meanwhile, Coinbase CEO Brian Armstrong dubbed it a matter of “perspective.”

2/ If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much needed breath of fresh air.

— Brian Armstrong (@brian_armstrong) July 15, 2021

Dogecoin continues to show weak technicals, with a 14-day relative strength index of 33.77. It is trading below the 30-day and 200-day moving averages, as per data from Trading View.