Dogecoin (CRYPTO: DOGE) traded over 8% lower at press time in the early hours of Tuesday among a broader cryptocurrency meltdown.
What’s Moving? DOGE was in the red 8.4% at $0.16 over 24 hours at press time. The Shiba Inu-themed cryptocurrency plunged 18.85% for the week.
Against larger-cap cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 1.88% and 0.35% lower, respectively.
DOGE’s year-to-date gains have fallen below 3000% at 2,792.82%. Over the last 30 days, the meme coin has fallen 42.22%.
Why Is It Moving? DOGE fell along with other major coins as the global cryptocurrency market cap fell 7.51% to $1.2 trillion at press time.
Dogecoin co-creator Billy Markus noted the cyclical connection between panic selling and price erosion of assets on Twitter Inc’s platform.
crashes happen because people panic sell
panic selling happens because of prices crashing
yay people pic.twitter.com/ncLflUEXOe
— Shibetoshi Nakamoto (@BillyM2k) July 19, 2021
Markus noted that nothing is “guaranteed” when it comes to cryptocurrencies on Twitter. He gave examples of historical prices of Ethereum to make his point.
January 12th, 2018: $ETH was $1400.
December 10th, 2018: $ETH was $88.
That’s a 94% drop in less than a year. With hindsight goggles, it woulda been good to hodl – but even so it took 3 years to reach its ATH again.
That’s crypto for you. Nothing is guaranteed here. Godspeed. pic.twitter.com/E9J5Ton0F4
— Shibetoshi Nakamoto (@BillyM2k) July 20, 2021
Meanwhile, DOGE investors are filing a class-action suit against Coinbase Global Inc (COIN) seeking $5 million in damages over a $1.2 million “Dogecoin Sweepstakes” dating back to June.
The investors allege Coinbase entry rules surrounding the sweepstakes were misleading.