© Reuters. Why is Dogecoin going down today?
Dogecoin (CRYPTO: DOGE) fell 1.74% to $ 0.22 in the 24 hours leading up to early Friday.
Observed movements The cryptocurrency meme has plummeted 13.46% after a monitoring period of seven days.
Against the main cryptocurrencies, (CRYPTO:) and (CRYPTO: ETH), DOGE was down 2.23% and 0.1% respectively.
Since the beginning of the year, DOGE has risen 3,772.31%.
Why is it moving? DOGE is slightly underperforming the crypto market in general, with major currencies other than Bitcoin trading virtually unchanged at press time. Global cryptocurrency market capitalization increased 1.8% to $ 2.17 trillion.
DOGE was showing moderate interest on Twitter (NYSE 🙂 at the time of publication. It had received 1,257 mentions, while BTC had been mentioned in 6,797 tweets and topped Cointrendz’s list of the 10 most mentioned coins.
Crypto market sentiment, according to Alternative’s Bitcoin Fear & Greed Index, noted “Fear” on Thursday. This, according to some analysts, is a bearish sign.
“Bitcoin lost its momentum before the greed level was reached, when there was another market crash, and the Fear and Greed Index fell again to terrible levels,” according to what Arcane Research notes in a report, based on information provided by CoinDesk.
Also read: Shiba Inu is outperforming Dogecoin today
As for DOGE, despite the downward trend in prices, on-chain metrics indicate that the cryptocurrency has seen growth and profitability from mining has increased by nearly 9,500% from the beginning of the year to All-time high it reached in May, according to data from BitInfoCharts.
Similar growth was also observed in fees paid to DOGE miners. DOGE’s total fee rose from $ 390 on January 1 to a high of $ 220,000 in early May, representing an impressive 56,310% increase.
However, there has been a decline in transaction activity on the DOGE blockchain that was not seen since 2017, with daily transactions down to 15,400 on September 19, BitInfoCharts reported.
At the beginning of the year, transactions had peaked at nearly 140,000. This decline in transactions occurs even though adoption has increased.
Next, we recommend you read: “Institutional investors prefer ETH to BTC”
Read the article also in Benzinga Spain
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