Why Dogecoin moves
Dogecoin rose sharply as the market was mixed.
Written after the close on ·
Why today
16,210 news analyzed todayDogecoin rose sharply as the market was mixed.
Over the same session, the S&P 500 rose only slightly, so Dogecoin moved more than the broader market.
The move came on heavy trading, about twice a normal session's volume.
Over the past five trading days Dogecoin fell clearly, moving in line with a sharp drop in the S&P 500.
Today's move of +2.08% was 1.4 times a normal day's 1.5%. S&P 500 moved +0.31% on the same day.
Dogecoin +2.08%S&P 500 +0.31%Much stronger than the market
What followed similar falls?
Including reinvested dividends, Dogecoin fell 4.1% over the latest five trading days. Since December 12, 2020, falls at least this large were followed by a higher value 21 trading days later in 39 out of 84 non-overlapping periods. The median was −2.5%, against −2.6% for an ordinary 21-day period, which ended higher 44 times in 100.
Such a fall has not said much about the next month.
−2.5% · 39/84
Earlier days
−3.95% market −2.70% Dogecoin fell clearly over the week, moving in line with the broader market, which sold off sharply. Read →
Dogecoin fell clearly over the week, moving in line with the broader market, which sold off sharply.
Crypto assets as a group slid during the week, with reports of a broader sell-off and a hack at Binance, a large crypto exchange, weighing on sentiment.
Trading was roughly twice its normal level, showing heavy selling interest.
Dogecoin remains well below its highest close of the past year, set in early November last year.
−6.33% market −4.41% Dogecoin fell, with the S&P 500 also falling sharply. Read →
Dogecoin fell, with the S&P 500 also falling sharply.
Dogecoin is a cryptocurrency, so its moves track broad market sentiment rather than company events.
The S&P 500 fell very sharply in that session too, so Dogecoin moved in line with the market.
Over the last five trading days Dogecoin fell clearly, and the S&P 500 fell sharply, so Dogecoin fell somewhat more than the market.
The move was very big for Dogecoin, about four times a normal day, and moves that large happened roughly eight times in the past year.
+2.28% market +1.65% Dogecoin rose clearly. Read →
Dogecoin rose clearly.
Dogecoin rose, moving in line with the S&P 500, which also rose sharply.
Over the last five trading days Dogecoin rose slightly, and its trading volume was around its usual level.
The latest close is well below its highest close of the past year, set in early November last year, and above its lowest, set in early August.
+1.53% market +0.30% Dogecoin rose, while the S&P 500 rose only slightly. Read →
Dogecoin rose, while the S&P 500 rose only slightly.
The move was larger than the market's, which points to crypto-specific trading rather than a broad rally.
Over the last five trading days Dogecoin was roughly unchanged, while the S&P 500 fell clearly, so Dogecoin held up better than the market.
Trading volume was well below its usual level, so the move happened on thin activity.
Thin trading can make prices swing more easily.
−1.87% market −0.48% Dogecoin fell clearly without a company-news explanation. Read →
Dogecoin fell clearly without a company-news explanation.
Dogecoin is a cryptocurrency, not a company, so the move reflects market conditions rather than a corporate event.
Over the same session the S&P 500 fell slightly, so Dogecoin dropped noticeably more than the broader market.
Over the last five trading days Dogecoin fell sharply, a big move for it, and the S&P 500 also fell sharply.
Likely drivers are the risk-off mood that hits speculative assets like Dogecoin harder than stocks, plus general selling pressure in crypto.
+0.91% market −1.77% Dogecoin rose slightly yesterday without a company-news explanation. Read →
Dogecoin rose slightly yesterday without a company-news explanation.
Dogecoin rose slightly in the last session, while the S&P 500 fell sharply, so it moved against the market.
Over the last five trading days Dogecoin fell slightly, a little more than the S&P 500, which also fell slightly.
Yesterday's move was an ordinary-sized one for Dogecoin, and trading volume was about twice its usual level.
The news about Dogecoin is mostly market commentary, so the likely drivers are crypto-wide flows and sentiment rather than a specific event.
−1.73% market −0.56% Dogecoin, priced in US dollars, fell slightly over the week's trading days. Read →
Dogecoin, priced in US dollars, fell slightly over the week's trading days.
It moved more than the S&P 500, which also fell slightly.
The move was ordinary for Dogecoin, and trading was well above its usual level.
The news was mostly price pages and commentary, with no clear company-style event behind the decline.
−1.92% market −0.38% Dogecoin fell sharply without a company-news explanation. Read →
Dogecoin fell sharply without a company-news explanation.
Dogecoin is a currency, not a company, so it has no earnings or corporate events to point to.
Over the last five trading days it was roughly flat, while the S&P 500 rose clearly, so Dogecoin lagged the broader market.
Last session it fell more than the S&P 500, which dipped slightly, so the drop was Dogecoin-specific.
Recent Dogecoin news is mostly commentary on utility and price predictions, which does not date to the last session.
+0.90% market +0.34% Dogecoin rose slightly without a company-news explanation. Read →
Dogecoin rose slightly without a company-news explanation.
The S&P 500 rose slightly over the same day, so Dogecoin's move was in the same direction.
Over the last five trading days, Dogecoin rose slightly while the S&P 500 rose clearly, so it moved in line with the market over the week.
The move was an ordinary one, smaller than a normal day for Dogecoin, and trading volume was around its usual level.
The news listed for the period is mostly price pages and commentary from earlier days, and none of it is dated to the last session.
+0.73% market +0.56% Dogecoin rose, moving in line with the S&P 500, which rose clearly. Read →
Dogecoin rose, moving in line with the S&P 500, which rose clearly.
Over the last five trading days, Dogecoin was roughly unchanged while the S&P 500, the main US stock index, rose slightly, so Dogecoin moved less than the market.
The move was ordinary for Dogecoin, smaller than its usual daily swing, and trading volume was well below its usual level.
Those items are unlikely to explain the move.
Broader crypto sentiment and general appetite for risky assets are the more likely drivers.
+0.99% market +0.71% Dogecoin rose with the market. Read →
Dogecoin rose with the market.
Over the last five trading days, Dogecoin fell clearly, moving more than the S&P 500, which fell only slightly.
Last session, the S&P 500 rose clearly, so Dogecoin moved in line with the broader market rather than on its own.
The move was an ordinary one for Dogecoin, within its usual daily range, and trading volume was around its usual level.
The only news marked for the last session is a general opinion piece on whether Dogecoin is worth considering below $1, which reports no new development.