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Dogecoin (CRYPTO: DOGE) traded down 1.74% to $ 0.22 on 24 hours before Friday morning.
What is moving? The cryptocurrency itself fell 13.46% over a seven-day period.
Against larger cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) – DOGE fell 2.23% and 0.1% respectively.
Since the start of the year, DOGE has increased by 3,772.31%.
See also: How to buy Dogecoin (DOGE)
Why is it moving? DOGE is slightly underperforming the broader cryptocurrency market, with major coins alongside Bitcoin trading mostly flat at the time of publication. The global cryptocurrency market capitalization rose 1.8% to $ 2.17 trillion.
DOGE received moderate interest on Twitter at the time of publication. It was mentioned in 1,257 tweets, while BTC was mentioned in 6,797 tweets and was at the top of the Top 10 list compiled by Cointrendz.
The sentiment of the cryptocurrency market, as tracked by Alternative’s Bitcoin Fear and Greed Index, reported “Fear” Thursday. According to some analysts, this is a bearish sign.
“Bitcoin lost momentum before the greed level was reached, when another market crash occurred, and the fear and greed index fell back to frightening levels,” Arcane Research said. in a report, according to CoinDesk.
See also: Why is Shiba Inu surpassing Dogecoin today?
On the DOGE side, even with a downward trend in prices, on-chain metrics indicate that the cryptocurrency has seen growth with mining profitability increasing nearly 9,500% since the start of the year to reach its peak. highest level in May, according to data from BitInfoCharts.
Similar growth was also visible in the fees paid to DOGE miners. Total DOGE fees rose from $ 390 on January 1 to a high of $ 220,000 in early May – a huge increase 56.310%.
However, a decline in transaction activity, unprecedented since 2017, took place on DOGE’s blockchain, with daily transactions falling to 15,400 on September 19, according to BitInfoCharts.
Earlier this year, deals had peaked at nearly 140,000. The drop in deals is even accompanied by increased adoption.
Read more : Institutional Investors Prefer Ethereum Over Bitcoin, Says JPMorgan
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