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Robinhood's 420.69 Push Not Enough? Why Dogecoin Is Trading Lower Today

Dogecoin (CRYPTO: DOGE) traded 0.94% lower at $0.22 over 24 hours early Tuesday morning. 

What’s Moving? The meme coin has fallen 10.86% over a seven-day trailing period. 

DOGE gained 0.59% against Bitcoin and fell 0.17% against Ethereum over 24 hours. 

The cryptocurrency’s year-to-date gains stand at 3765.33% in 2021. It has fallen 25.36% in the last 90 days and 11.69% in a 30-day period.

DOGE touched an all-time high of $0.74 in May. At press time it traded 70.21% below that level.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded in tandem with other major coins at press time as the global cryptocurrency market cap fell 0.78% to $2.54 trillion. 

On Twitter, DOGE was mentioned in 2,100 tweets attracting moderate interest, as per Cointrendz data.

The top three mentioned coins on Twitter were Bitcoin, Ethereum, and Velas which attracted 10,782, 6,753, and 3,085 tweets, respectively. 

Cryptocurrency markets were gripped by “fear,” as per Alternative’s Fear & Greed Index on Monday.  

Bitcoin, the apex coin, came under pressure as the Dollar exhibited strength after President Joe Biden nominated U.S. Federal Reserve Chair Jerome Powell for a second term. 

On Monday, DOGE co-creator Billy Markus asked Twitter Inc (NYSE:TWTR) CEO Jack Dorsey to “do something” about “Shiba Inu” promoters who flooded his comments section with links to alleged Shiba Inu airdrop. 

Markus also had stern words for the DOGE community. He said, “Every time a dogecoin community member is being a jackass, I like the community a little less.”

“I have no responsibility for the coin anymore. I only care if the community can be a mildly okay one in this ridiculous space.”

Meanwhile, Robinhood Markets Inc’s (NASDAQ:HOOD) cryptocurrency Chief Operating Officer Christine Brown showcased an alpha transfer from a Robinhood wallet to an external wallet on Monday.

Markus said “this is huge” in response to Brown’s Twitter announcement noting the low $0.02 DOGE fee for transferring 420.69 DOGE worth $92.40 at press time.

Notably, both 420 and 69 numbers are often used by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk in his tweets and have connotations with cannabis culture and sex.

Read Next: Avalanche May Be Battling Dogecoin And Shiba Inu Over Market Cap But It Really Has A Bone To Pick With Ethereum

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