Dogecoin DOGE/USD fell 4.5% to $0.085 over 24 hours leading up to early Thursday morning.
DOGE tracked losses in major coins as the global cryptocurrency market cap declined 3.8% to $1.2 trillion at press time.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||-2.2%|
|24-hour against Ethereum||-0.6%|
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The DOGE Factors
- DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
- The 24-hour trading volume for DOGE rose 17.4% to $629.4 million, according to CoinMarketCap.
- Coinglass data indicated that $2.78 million worth of DOGE was liquidated in 24 hours at press time as the price of the meme coin declined.
Equities, Fed Hawkishness Affect Cryptos
On Wednesday night, cryptocurrencies were pulled lower after U.S. stocks declined drastically. The Dow closed more than 1,000 points or 3.6% lower at 31,490.07 for the day. There are doubts whether the U.S. Federal Reserve can deliver a “soft landing” as it battles inflation, according to OANDA analyst Edward Moya.
Could Doge Rally By Double Digits?
DOGE’s trading volume has been rising, which could be an indicator of interest returning to the meme coin, wrote Benzinga’s Melanie Schaffer. If the cryptocurrency trades lower on Thursday, its relative strength index or RSI could enter oversold territory. When that happened on May 12, the coin rallied 16% the following day.
DOGE’s press time RSI is hovering at 33.6, according to Trading View data.
Jeff Bezos Heaps Praise On Dogecoin Creator
Amazon.com, Inc AMZN Chair Jeff Bezos praised DOGE co-creator Billy Markus on Wednesday. Bezos said even though Markus refers to himself as a “sh*tposter,” he is mostly a “wiseposter.”
DOGE On The Web
Markus asked his following if they can hit up McLaren Formule One as the DOGE community has a McLaren car and “some kind of mutually beneficial arrangement would be much amuse to me.”
— Shibetoshi Nakamoto (@BillyM2k) May 19, 2022