Dogecoin Continues To Slump: Can This Robinhood News Make It Buoyant Again?

Dogecoin DOGE/USD fell 0.92% over 24 hours to $0.215 early Wednesday morning.

What’s Moving? The meme cryptocurrency has fallen 2.83% over a seven-day trailing period.

DOGE fell 1.8% and 7.72% against Bitcoin and Ethereum respectively over 24 hours.

Since the year began, DOGE has gained 3683.64%. Over the last 90 days, it has fallen 28.51% and over a 30-day period, it has lost 20.14% of its value.

The cryptocurrency touched an all-time high of $0.74 in May.

Why Is It Moving? DOGE did not move alongside other major coins as the global cryptocurrency market cap rose 3.06% to $2.65 trillion at press time.

DOGE was among the most mentioned coins on Twitter at press time. It attracted 802 tweets, as per Cointrendz data.

The three most mentioned coins were Ethereum, Bitcoin, and self-described DOGE-killer Shiba Inu. They attracted 3,564, 2,625, and 2,291 tweets, respectively.

Altcoins led by Ethereum were buoyant on Tuesday. Cryptocurrency trader Michaël Van De Poppe said on Twitter that the first quarter of 2022 “will be explosive” in relation to such coins.

On Tuesday, Robinhood Markets Inc HOOD Cryptocurrency Chief Operating Officer Christine Brown said that the platform’s Alpha Wallets use 0.02 DOGE network fee to “ensure a fast processing time.”

Brown said Robinhood will monitor the effectiveness of the estimated fee as wallets near in the first quarter and “dynamically adapt it based on the network.”

Brown clarified that the amount of DOGE sent would not affect the network fee in her Twitter thread.

DOGE acceptance continues to grow, with the owner of a 170-foot superyacht indicating a willingness to accept DOGE and other tokens and cryptocurrencies.

Market News and Data brought to you by Benzinga APIs