Dogecoin (CRYPTO: DOGE) traded nearly 4% lower at $0.14 over 24 hours leading up to early Friday morning.
| 24-hour | -4.1% |
| 24-hour against Bitcoin | 2.4% |
| 24-hour against Ethereum | 1.2% |
| 7-day | -6.8% |
| 30-day | -14.9% |
| YTD performance | -39.5% |
Why Is It Moving: DOGE traded sharply lower alongside other major coins at press time as the global cryptocurrency market cap fell 5.5% to $1.86 trillion
DOGE was among the most mentioned coins on Twitter (NYSE:TWTR). It attracted 196 tweets at press time, according to Cointrendz data.
The three most mentioned coins, Bitcoin, Ethereum and Shiba Inu, attracted 1,585, 929, and 756 tweets, respectively.
Thursday saw a drop in the values of risk assets amid a resurgence in geopolitical tensions and anticipation of incoming interest rate hikes. President Joe Biden is expected to issue an executive order next week, related to the regulation of cryptocurrencies, which too affected sentiment.
DOGE co-creator Billy Markus reacted to the falling markets on Thursday and posted a meme.
smh pic.twitter.com/RM5SEHhg5XDogecoin Chatter: Markus reminded his followers of “Happy Random Acts of Kindness Day!” He attached some ideas in his tweet that could make a huge impact in people’s daily lives.— Shibetoshi Nakamoto (@BillyM2k) February 17, 2022
Happy Random Acts of Kindness Day! Attached are some ideas.Meanwhile, Twitter handle @JustinScerini, who attempted to get #Dogecoin trending on Feb. 17, said that it was the social media platform’s algorithm that determined what is trending “by favoring sharp spikes rather than gradual sustained growth.’Remember, a small act of kindness can make make a huge impact!#DoOnlyGoodEveryday #dogecoin pic.twitter.com/MRMpdjjrae
— Shibetoshi Nakamoto (@BillyM2k) February 17, 2022
Twitter’s algorithm determines what is trending by favoring sharp spikes rather than gradual sustained growth. Trends are determined by a combination of volume and how much time it takes to create volume.The #dogecoin push by @JustinScerini got support from major DOGE accounts on Twitter like Markus and Mishaboar earlier.— DogeTooCheap (@JustinScerini) February 18, 2022
I have been using #Dogecoin since 2013. Fun and friendly, with a kind community that welcomed me more than any other crypto community.Read Next: Do You Own Bitcoin, Ethereum, Dogecoin Or Other Crypto? Why You Should Watch Out For This Notorious OTP ScamEasy to use, permissionless, decentralized, built by the community. Unlike tokens built for speculation, #Doge aims at being useful AND fun. pic.twitter.com/U4moZi7Guj
— Mishaboar (@mishaboar) February 17, 2022
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