Why Is Dogecoin Crashing Massively Today
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.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||-12.4%|
|24-hour against Ethereum||-10.5%|
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).
Dogecoin is about to have a larger market cap than Coinbase.— Douglas A. Boneparth (@dougboneparth) May 10, 2022
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.”
well, considering dogecoin was made as a satire of how delusional the cryptocurrency space is, all i can really say is it isn't any better or worse than it used to be— Shibetoshi Nakamoto (@BillyM2k) May 9, 2022
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.”