Why is dogecoin down

What is the current price of Dogecoin?

As a result of this unfortunate event, the price of SHIB fell almost 10% in a matter of hours and this seemed to have spilled over to Dogecoin. Dogecoin, being a meme coin and the largest competitor for Shiba Inu, was expected to rally if SHIB had gone up as a result of the Shibarium launch. There is also the issue of competition expected between Dogechain and Shibarium, further fueling this correlation. Why is dogecoin going down today "I found that there was a huge market with new coins coming out daily, and at times hourly, all touting how they were going to become worth zillions and take over the galaxy," Markus said. "I thought it was silly, and also thought that, considering there were so many coming out, it was probably easy to make."

Why dogecoin going down

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While the technology behind Dogecoin is similar to other cryptocurrencies, its branding and community have set it apart. The Dogecoin community is known for its sense of humor and inclusiveness, attracting a wide range of users. The iconic Shiba Inu dog, which is the face of the Dogecoin logo, has become a recognizable symbol in the crypto world. Is dogecoin a good investment? News and social media coverage can also drive bitcoin's price. For example, in spring 2021, dogecoin soared to a high of about 74 cents after Elon Musk — who often expresses his enthusiasm for dogecoin on Twitter — announced that he will would host SNL, setting off rumors that he would mention the alt-coin. However, when Musk ended up poking fun at dogecoin instead, its price quickly plunged to less than 50 cents.

Why dogecoin going down

On May 8, 2021, Dogecoin fell as much as 29.5%, dropping to US$0.49 during Musk’s Saturday Night Live appearance. It then rose by 11% on May 20, 2021, shortly after Musk tweeted a Doge-related meme. In the same month, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency. Why is China cracking down on cryptocurrency? "Robinhood is trying to slow the #dogecoin community down ," one user tweeted Thursday evening, along with a screenshot that appeared to be from the Robinhood platform saying "Dogecoin trades may not execute right now."