Why is Dogecoin Struggling?

Dogecoin was down 3.3% or about 22 cents lower on Monday morning. The token has lost 0.57% against Bitcoin, but it rose 0.89% against Ether over the past 24 hours. In the last 30 days, the token has dropped 9 and a half percent, and 29.8% over the past 90 days. DOGE is now the 11th-largest token by market cap after it was overtaken by Avalanche. Dogecoin was not among the top 10 mentions on Twitter ($TWTR@US), but interest in the token is still strong due to its low price per token. It’s also staying in the news as co-creator Billy Markus took to Twitter once again to ask Doge enthusiasts not to take the coin too seriously. Despite all the negatives, the token is still up over 3804% since the beginning of 2021, reaching an all-time high of 74 cents in May, with many analysts believing it will break $1 by the end of the year.