Why Is Dogecoin Heading Lower Today?

Dogecoin (CRYPTO: DOGE) traded 1.05% lower at $0.28 over 24 hours in the early hours of Monday.

What’s Moving? DOGE was down 12.41% over a seven-day trailing period at press time.

The Shiba Inu-themed coin traded largely flat against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) over 24 hours gaining 0.10% and 0.15%, respectively.

Since the beginning of this year, DOGE has soared 4,817.20%. DOGE hit a high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE)

Why Is it Moving? DOGE slipped into the red with major coins on Monday as the global cryptocurrency market cap fell 0.68% to $2.07 trillion.

See Also: Bitcoin, Ethereum, Dogecoin Remain Muted But These Cryptos Are Striking Massive Gains Heading Into New Week

The meme cryptocurrency was among the top ten most mentioned coins on Twitter at press time, as per Cointrendz data.

On Sunday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk acknowledged in a tweet it was “important” that Dogecoin Update 1.14.4 finds more nodes as it would cement the bid to lower transaction fees.

Meanwhile, the popularity of DOGE has fueled demand for Shiba Inu dogs, which in turn is making breeders worry about the rising cases of mistreatment, abuse, and abandonment of dogs, as per a report.

Over the weekend, it was reported that Mark Cuban’s Dallas Mavericks is offering $25 gift cards for customers buying its merchandise with Dogecoin and other cryptocurrencies.

Dogecoin-themed DogeCola is also set to begin shipping its product this month.

Read Next: EXCLUSIVE: Dogecoin Creator Talks Foundation Revival, ‘Trademark Trolling,’ Value Added By Vitalik Buterin And Elon Musk Aide