Why Is Dogecoin Crashing Today?

Dogecoin (CRYPTO: DOGE) traded 11.24% lower at $0.20 over 24 hours at press time amid plunging global cryptocurrency market capitalization, which fell 5.65% to $1.47 trillion.

What Happened: While DOGE fell over the course of the day, for the week, the Shiba Inu-themed coin is up 22.51%. 

Against major cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 8.23% and 5.58% lower respectively over 24 hours.

Since the year began, DOGE has surged 3,454.48%.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: DOGE slid with the broader cryptocurrency market in the early hours of Tuesday as Amazon.com, Inc (NASDAQ:AMZN) denied press reports that it was gearing up to accept BTC later in the year.

See Also: Even A Tanking Bitcoin Is Good For Coinbase’s Business, Goldman Sachs Says As It Reiterates Buy Rating

Dogecoin was among the top ten trending coins on Twitter Inc’s (NASDAQ:TWTR) platform on Monday.

Analysis from eToro USA and TIE indicates that Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s Twitter comments caused BTC to fall and DOGE to rise in the second quarter.

Musk’s comments reportedly caused DOGE to rise on average by 8.4%, 24 hours after he made them, while the comments led to a 1.6% fall in BTC prices in a similar period.

Read Next: Elon Musk Suggests Tesla Could Resume Accepting Bitcoin Soon