Dogecoin Crashes Sharply As Crypto Market Goes Down Bottomless Pit: Who Is To Blame?

Dogecoin DOGE/USD plunged sharply by over 30% to $0.07 in the 24 hours leading up to the early hours of Thursday.

The meme coin fell amid a wide rout in the market as the global cryptocurrency market cap dropped 19.15% to $1.2 trillion.

The DOGE Factors 

• The 24-hour trading volume for DOGE rose 116.7% to $2.92 billion at press time, according to CoinMarketCap.
• Dogecoin was seen trending among retail investors on Stocktwits at press time. The coin also trended on CoinMarketCap.
• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
• Data from Coinglass reflected that $19.13 million worth of DOGE was liquidated as the meme coin’s price declined sharply.

Major Coins Shed Key Psychological Levels

The market-wide crash on Wednesday evening saw the price of Bitcoin and Ethereum slip below $30,000 and $2,000 levels respectively. 

Crash Due To Terra (LUNA) Fiasco, Inflation Numbers

The cryptocurrency market saw a sharp downturn Wednesday after April inflation numbers came in hotter than expected at 8.3%. Terra USD (UST) losing its peg to the dollar was described as a “fundamental risk” to the cryptocurrency industry by GlobalBlock analyst Marcus Sotiriou.

DOGE Oversold 

DOGE’s relative strength index stood at 24.83 at press time, according to data from Trading View. This puts the cryptocurrency in oversold territory. According to Benzinga’s Melanie Schaffer, the meme coin has resistance above at the 10-cent and the 12-cent mark and has support below at 7-cent and 5-cent levels.

Current Levels Not Attractive

Pseudonymous cryptocurrency investor Kaleo said Wednesday that DOGE under 10 cents was not “worth buying” at this point in the market cycle. 

Billy Markus Says Tech Bros, Degenerate Gamblers To Blame

Dogecoin-co creator Billy Markus blamed the market crash on “tech bro hubris” and “degenerate gamblers” on Thursday morning.

welcome to a real crypto crash boys and girls

this one was caused by tech bro hubris and degenerate gamblers, like all the other ones

— Shibetoshi Nakamoto (@BillyM2k) May 12, 2022

DOGE On The Web

Dogecoin millionaire Glauber Contessoto tweeted Wednesday that it was “crazy to think” that a sound cryptocurrency project like Luna “still got completely REKT.”

It’s crazy to think you can invest in a “sound” crypto project with all the bells and whistles of utility and an incredible team behind it like #LUNA and still get completely REKT. No one knows anything.

— SlumDOGE Millionaire (@ProTheDoge) May 11, 2022

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