{"id":547736,"date":"2023-08-17T23:00:48","date_gmt":"2023-08-17T23:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=547736"},"modified":"2024-06-11T14:39:38","modified_gmt":"2024-06-11T14:39:38","slug":"why-is-dogecoin-price-down-today","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-is-dogecoin-price-down-today\/","title":{"rendered":"Why Is Dogecoin Price Down Today?"},"content":{"rendered":"

The Dogecoin price is down around 5% in the last day<\/a> following the general market crash. The meme coin which had seen improved sentiment did a quick 180 and started to bleed. However, while the Dogecoin price could only be following Bitcoin\u2019s descent, are there other factors driving the decline?<\/p>\n

Why Is Dogecoin Price Falling?<\/h2>\n

One reason that the Dogecoin price is down today is due to its proximity to Shiba Inu. The latter saw a highly anticipated Shibarium launch go awry<\/a> on Wednesday, sparking rapid declines among the meme coins in its ecosystem.<\/p>\n

Related Reading: Can Ethereum Price Cross $2,000 Before The End Of August?<\/a><\/div>\n

As a result of this unfortunate event, the price of SHIB fell almost 10%<\/a> in a matter of hours and this seemed to have spilled over to Dogecoin. Dogecoin, being a meme coin and the largest competitor for Shiba Inu, was expected to rally if SHIB had gone up as a result of the Shibarium launch. There is also the issue of competition expected between Dogechain and Shibarium, further fueling this correlation.<\/p>\n

The problem with such correlations<\/a> is that they tend to follow the same negative, as well as positive, path. Given this, when the price of Shiba Inu started to fall, Dogecoin followed suit with the expectations that both of these assets would go in the same direction.<\/p>\n

\"Dogecoin<\/p>\n

DOGE price falls alongside SHIB in volatile market conditions | Source: DOGEUSD on Tradingview.com<\/a><\/pre>\n
Additionally, DOGE, being one of the top 10 largest-crypto in the space, often tracks the performance of Bitcoin<\/a> quite closely. So as Bitcoin declined off the back of the FOMC meeting, Dogecoin was hit with a double-decker bus, plunging it deep into the red territory.<\/p>\n
Can DOGE Price Recover From Here?<\/h2>\n
It is not all bad news for Dogecoin according to crypto analyst \u201cTony The Bull.\u201d In a recent analysis<\/a>, he points out that DOGE had tagged the 1-month parabolic SAR. Now, this is notable because the last time the meme coin touched this level was back in 2021.<\/p>\n
\"Dogecoin<\/p>\n
DOGE tags 1M Parabolic SAR | Source: Tony The Bull on X<\/a><\/pre>\n
The result of this was that DOGE\u2019s price went from $0.0018 to over $0.7. This translated to an over 24,000% increase at the time. So it stands to reason that if the altcoin is tagging this 1M parabolic SAR again, then there could be a rally in the near future.<\/p>\n
Related Reading: Will Bitcoin Price Crash Similarly To 2019 And 2020?<\/a><\/div>\n
However, it is unlikely that the price of DOGE will actually rise more than $50 at this level. This is because the crypto market is still in peak bear season<\/a> while 2021 was peak bull season. Nevertheless, a rally toward $0.09 is not out of the question.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Dogecoin price is down around 5% in the last day following the general market crash. The meme coin which had seen improved sentiment did a quick 180 and started to bleed. However, while the Dogecoin price could only be following Bitcoin\u2019s descent, are there other factors driving the decline? Why Is Dogecoin Price Falling? One reason that the Dogecoin price is down today is due to its proximity to Shiba Inu. The latter saw a highly anticipated Shibarium launch go awry on Wednesday, sparking rapid declines among the meme coins in its ecosystem. Related Reading: Can Ethereum Price Cross $2,000 Before The End Of August? As a result of this unfortunate event, the price of SHIB fell almost 10% in a matter of hours and this seemed to have spilled over to Dogecoin. Dogecoin, being a meme coin and the largest competitor for Shiba Inu, was expected to rally if SHIB had gone up as a result of the Shibarium launch. There is also the issue of competition expected between Dogechain and Shibarium, further fueling this correlation. The problem with such correlations is that they tend to follow the same negative, as well as positive, path. Given this, when the price of Shiba Inu started to fall, Dogecoin followed suit with the expectations that both of these assets would go in the same direction. DOGE price falls alongside SHIB in volatile market conditions | Source: DOGEUSD on Tradingview.com Additionally, DOGE, being one of the top 10 largest-crypto in the space, often tracks the performance of Bitcoin quite closely. So as Bitcoin declined off the back of the FOMC meeting, Dogecoin was hit with a double-decker bus, plunging it deep into the red territory. Can DOGE Price Recover From Here? It is not all bad news for Dogecoin according to crypto analyst \u201cTony The Bull.\u201d In a recent analysis, he points out that DOGE had tagged the 1-month parabolic SAR. Now, this is notable because the last time the meme coin touched this level was back in 2021. DOGE tags 1M Parabolic SAR | Source: Tony The Bull on X The result of this was that DOGE\u2019s price went from $0.0018 to over $0.7. This translated to an over 24,000% increase at the time. So it stands to reason that if the altcoin is tagging this 1M parabolic SAR again, then there could be a rally in the near future. Related Reading: Will Bitcoin Price Crash Similarly To 2019 And 2020? However, it is unlikely that the price of DOGE will actually rise more than $50 at this level. This is because the crypto market is still in peak bear season while 2021 was peak bull season. Nevertheless, a rally toward $0.09 is not out of the question. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":547746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1785,85675,7,1804,79599,79600],"class_list":["post-547736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-doge","tag-doge-price","tag-dogecoin","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\nWhy Is Dogecoin Price Down Today?<\/title>\n<meta name=\"description\" content=\"The Dogecoin price is down around 5% in the last day following the general market crash and a disappointing day for crypto investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is Dogecoin Price Down Today?","url":"http:\/\/wncen.com\/news\/why-is-dogecoin-price-down-today\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-is-dogecoin-price-down-today\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1325173675-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1325173675-1.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","doge price","dogecoin","dogecoin price","dogeusd","dogeusdt"],"dateCreated":"2023-08-17T23:00:48Z","datePublished":"2023-08-17T23:00:48Z","dateModified":"2024-06-11T14:39:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Is Dogecoin Price Down Today?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-is-dogecoin-price-down-today\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-is-dogecoin-price-down-today\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1325173675-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1325173675-1.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"doge price\",\"dogecoin\",\"dogecoin price\",\"dogeusd\",\"dogeusdt\"],\"dateCreated\":\"2023-08-17T23:00:48Z\",\"datePublished\":\"2023-08-17T23:00:48Z\",\"dateModified\":\"2024-06-11T14:39:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1325173675-1.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547736"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=547736"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/547746"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}