Dogecoin Spike Fizzles Out — Will The Bounce Return With An Anticipated Fed Interest Rate Hike?

Dogecoin DOGE/USD traded 0.6% at $0.11 higher over 24 hours leading up to early Wednesday morning.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded higher alongside other major coins at press time as the global cryptocurrency market cap rose 1.1% to $1.7 trillion.

It was not among the most discussed coins on Twitter at press time, according to Cointrendz data.

DOGE, Bitcoin, and Ethereum saw a sudden spike in prices earlier, ahead of a possible hike in interest rates by the U.S. Federal Reserve on Wednesday. 

On Tuesday, a single transaction moved almost 34 million DOGE — valued at $3.9 billion. Whales also reported 118 transactions worth at least $2 million processed by DOGE’s blockchain over 24 hours. 

However, the number of addresses holding DOGE has dipped sharply over the past few weeks, to 3.89 million from 4.55 million, according to IntoTheBlack data shared by Ali Martinez.

Dogecoin Chatter: Dogecoin co-creator Billy Markus said on Tuesday that those who only want positivity and bullishness should not follow a person who made a “satirical cryptocurrency lampooning the absurdity and hyperbolic nature of the crypto space.”

if you want to follow a crypto account that is positive and bullish all the time, maybe don’t follow someone who made a satirical cryptocurrency lampooning the absurdity and hyperbolic nature of the crypto space, and then get mad that they’re not positive and bullish all the time

— Shibetoshi Nakamoto (@BillyM2k) March 15, 2022

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