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Why Is Dogecoin Crashing Massively Today

By Shivdeep Dhaliwal

Dogecoin (CRYPTO: DOGE) traded 22.3% lower at $0.09 over 24 hours leading up to Wednesday morning.

The Dogecoin crash comes amid a wider market crash that is impacting U.S. equities and cryptocurrencies at large. Nasdaq futures were down 1.65% at the time of writing. Other major coins posted massive losses as well, with the global cryptocurrency market cap dropping 12.65% to $1.3 trillion. 

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour 22.03%
24-hour against Bitcoin -12.4%
24-hour against Ethereum -10.5%
7-day -28%
30-day -38.8%

YTD performance

-50%

See Also: Best USDC Interest Rates

The DOGE Factors

  • DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data. DOGE was seen trending on CoinMarketCap at press time
  • The 24-hour trading volume for DOGE fell 34% to $1.32 billion at press time, according to CoinMarketCap data.
  • Data from Coinglass indicated that $4.17 million worth of DOGE was liquidated as the meme coin’s price tumbled.

Terra USD, Inflation Weigh On Crypto Recovery

Amsterdam-based cryptocrrency trader Michaël van de Poppe said Tuesday that an unrestored peg on Terra USD (UST) and inflation data to be released Wednesday is why the apex coin “isn’t bouncing back faster.”

DOGE On The Web

Financial Advisor Douglas A. Boneparth tweeted Tuesday that Dogecoin’s market cap is about to exceed that of Coinbase Global, Inc (NASDAQ:COIN).

At press time, Dogecoin market cap stood at $12.4 billion, while that of Coinbase was at $16 billion.

Dogecoin core developer Michi Lumin said it was a “damn shame” what the reputation of cryptocurrencies has become in the past few years.

Lumid tweeted, “I really hope to show people that dogecoin can and will break that mold.”

Lumin’s tweet earned a response from Markus, who said since DOGE was made as a satire on how delusional the cryptocurrency space is, “all i can really say is it isn't any better or worse than it used to be.”

Read Next: If You Invested $100 In Bitcoin (BTC) When El Salvador Made It Legal Tender, Here's How Much You'd Have Now

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Dive Deeper:
Dogecoin Crashes Sharply As Crypto Market Goes Down Bottomless Pit: Who Is To Blame?
Dogecoin (CRYPTO: DOGE) plunged sharply by over 30% to $0.07 in the 24 hours leading up to the early hours…
Dogecoin Continues To Crash: Are We Seeing End Stages Of Bear Market?
Dogecoin (CRYPTO: DOGE) traded 6.3% lower at $0.11 over 24 hours leading up to early Tuesday morning.  DOGE fell in…
Dogecoin (DOGE) Knockoffs Crash Heavily — One Down 93%
Several Dogecoin (CRYPTO: DOGE)-inspired coins were seen crashing at press time leading up to Monday evening.
Why Baby Dogecoin Is Diving Today
Shares of several popular altcoins, including Baby Dogecoin (CRYPTO: BABYDOGE), are trading lower again Wednesday in sympathy with apex cryptocurrency…
One subscription that gives you access to news from hundreds of sites
Why Baby Dogecoin Is Getting Hammered Today
Shares of several popular altcoins, including Baby Doge Coin (CRYPTO: BABYDOGE), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO:…
Bitcoin, Ethereum, Dogecoin Crash Hard — Is This A 'Tremendous Opportunity' For Investors?
Bitcoin and Ethereum crashed more than 10% at press time amid a marketwide rout as the global cryptocurrency market cap…
Get all your news in one place