Why is Dogecoin Flat?

Dogecoin seems to have suffered more than any other token during the recent crypto downtrend. As of Wednesday morning, Dogecoin has barely risen in the last 24 hours and made slight gains against both Bitcoin and Ethereum. While it’s gained a fraction of a percent in the last 7 days, it’s lost 30% since the year began. Dogecoin continues to flatline as the global market cap drops, falling more than 7% overnight. Even so, Dogecoin was among the most mentioned tokens on Twitter ($TWTR@US), but this buzz does not seem to be helping the token gain any value. Even the Doge car, a car that ran in the NASCAR Xfinity Series, might make a reappearance. These items, however, are not helping DOGE regain its value for investors, especially those who wish to use Doge for payments. Making matters worse, Dogecoin knockoffs are flooding the market, taking value away from the token they’ve copied, especially as Dogecoin tries to expand and become a more popular spending option—most notably, Elon Musk told McDonald’s ($MCD@US) he would eat a hamburger on TV if it would accept Dogecoin, AMC Entertainment ($AMC@US) is planning to accept Dogecoin, and Mark Cuban has been bullish on the currency for some time. At press time, Dogecoin was trading at 14.38 cents, up slightly on reduced volume and a rising market cap.