Why Is Dogecoin In Such A Slumber Right Now?
Dogecoin (CRYPTO: DOGE) tanked 26.29% over 24 hours leading to press time at $0.20. The Shiba Inu-themed coin has shrunk 39.5% over the last seven days. What Happened: The joke cryptocurrencys market capitalization declined 25.68% to $25.73 billion. Trading volumes rose 235.85% to $7.37 billion over 24 hours. See Also: How To Buy Dogecoin (DOGE)  Since hitting an all-time high of 0$.74 last month, DOGE has fallen 73.19%. Even the presence of a Dogecoin on the NASCAR circuit did not change the fortunes of the meme coin. DOGE slipped after the car bearing the Shiba Inu mascot crashed into a wall on Monday. Why It Matters: DOGEs decline comes in the wake of a broader rout in the cryptocurrency market that also tanked cryptocurrencies with larger market capitalization like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Meanwhile, the president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, in a LinkedIn response called DOGE a Ponzi scheme. The interaction took place on the LinkedIn page of Coinbase Global Incs (NASDAQ:COIN) Chief Legal Officer Paul Grewal. Another factor working against DOGE at press time was the absence of tweets in recent weeks by celebrity Dogecoin supporter and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, who has otherwise been a major catalyst for the rise in the cryptocurrency's price. Read Next: Dogecoin Headed To 5 Cents After Losing Crucial Support Level And Even Elon Musk Can't Save It, Says Bitcoin Bull