Dogecoin (CRYPTO: DOGE) traded 3.73% lower at $0.18 at press time over 24 hours.
What’s Moving? The Shiba Inu-themed cryptocurrency have plunged 17.77% over a week.
Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE fell 3.38% and 1.09% over 24 hours, respectively.
DOGE’s year-to-date gains stand at 3,059.18%. The meme coin has declined 75.63% since it touched an all-time high of $0.74 in early May.
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? The downward trend in Dogecoin is coming despite a string of bullish news.
DOGE trading volumes shot up 1250% in the second quarter as per data put out by Coinbase Global Inc (NASDAQ:COIN), reported Business Insider over the weekend.
Average trading volume for the meme cryptocurrency reportedly rose to $995 million per day in the period extending from April to June compared with $74 million a day in the preceding quarter.
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The boom in trading volumes took place as exchanges such as Coinbase, eToro, and Gemini listed the coin, reported Business Insider.
Among other factors, on Sunday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk enthused DOGE fans as he changed his profile photo on Twitter with one that showed him wearing a pair of aviator-style sunglasses.
The sunglasses reflected a Shiba Inu dog, which is the mascot for Dogecoin. Cryptocurrency investor, David Gokhshtein, noted that #DogShares was the top trending hashtag on Twitter on Sunday evening.
Last week, “Dogecan,” a reference to Unilever Plc’s (NYSE:UL) Axe brand fragrance, trended on Twitter.
Dogecoin co-founder Jackson Palmer also took to Twitter after a long hiatus to denounce cryptocurrencies, and his comments were met with opposition from industry veterans, including his Dogecoin co-creator Billy Markus.
Bitcoin developer Jameson Lopp also took digs at Palmer. Meanwhile, Coinbase CEO Brian Armstrong dubbed it a matter of “perspective.”
2/ If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much needed breath of fresh air.
— Brian Armstrong (@brian_armstrong) July 15, 2021
Dogecoin continues to show weak technicals, with a 14-day relative strength index of 33.77. It is trading below the 30-day and 200-day moving averages, as per data from Trading View.
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