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Why Is Dogecoin Crashing Today?

Benzinga
Benzinga
 2021-09-20
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Dogecoin (CRYPTO: DOGE) plunged 7.84% to $0.22 over 24 hours early on Monday morning.

What’s Moving? DOGE has fallen 7.86% over a seven-day trailing period leading up to press time.

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE fell 2.13% and 0.63% respectively over 24 hours.

Since the year began, DOGE has gained 3833.59%.

Why Is It Moving? DOGE fell in tandem with other major cryptocurrencies as the global cryptocurrency market cap fell 5.07% to $2.03 trillion.

DOGE did not attract high interest on Twitter at press time. The meme-themed cryptocurrency was mentioned in 1,023 tweets. BTC, which attracted the highest interest was mentioned in 5,636 tweets, as per Cointrendz data.

Cryptocurrencies with large market caps remained subdued as fears of a regulatory crackdown, especially in relation to stablecoins, persisted.

The New York Times in a recent article termed the “rush to oversee stablecoins” and the industry’s “push to either avoid regulation or get on its profitable side” as the “most important conversation in Washington financial circles this year.”

Dogecoin’s co-creator Billy Markus warned cryptocurrency holders Sunday that there were dangers associated with losing keys and passwords to wallets.

While Markus did not advocate leaving coins on an exchange, he highlighted the perils of being your own bank on Twitter.

Read Next: Power Of 'Hodling:' 9-Year Old Dormant Bitcoin Wallet Springs Into Action As Its Value Surges 345618%

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