Dogecoin Stages Sharp Recovery: What's Driving It?

Dogecoin DOGE/USD shot up over 23% to $0.09 over 24 hours leading up to early Friday morning. 

DOGE recovered alongside other major coins as the global cryptocurrency market cap rose 13.2% to $1.3 trillion at press time.

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The DOGE Factors

• DOGE was seen trending on price-tracking website CoinMarketCap at press time. The meme coin was among the top gainers listed by both CoinMarketCap and CoinGecko
• The 24-hour trading volume for DOGE fell 19.6% to $2.43 billion at press time, according to CoinMarketCap data
• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz.
• Coinglass data indicated that $4.94 million DOGE was liquidated at press time as its price shot up.

Dogecoin Recovers 

DOGE recovered from an intraday low of $0.07 at press time. The cryptocurrency is still down over 27% for the week and has lost over 46% of its value since the year began. DOGE’s RSI stood at 34.12 at press time, according to Trading View. RSI below 30 generally signals buy and over 70 sell. 

Relief Rally Beyond Expectations

On Thursday, cryptocurrency trader Justin Bennett said on Twitter that the relief rally in apex coins would run “beyond most expectations.” Edward Moya of OANDA warned that the rebound “won’t last if risk appetite does not stabilize soon.”

Billy Markus Digs Into Tech Bros, Luna Co-Founder

On Thursday, Dogecoin co-creator Billy Markus criticized so-called tech bros for being in a bubble. He called Terra (LUNA) co-creator Do Kwon “tech bro of all tech bros.” Markus tweeted that he gets triggered each time he reads about LUNA and Terra USD (UST). The latter losing its peg brought forth the latest cryptocurrency crash.

DOGE On The Web

Markus highlighted the vagaries of the cryptocurrency market by comparing DOGE/LUNA prices. He said that last week 1 LUNA could trade for 500 DOGE but at present, a single DOGE buys 2.7 LUNA. 

“This isn’t dunking on terra, it’s an eye-opener that the crypto market can tank in an incredibly short period of time,” said the DOGE co-creator on Twitter.

-99.96% in 7 days.

last week 1 $LUNA could trade for 500 $DOGE.

right now, 1 $DOGE gets you 2.7 $LUNA.

this isn’t dunking on terra, it’s an eye opener that the crypto market can tank in an incredibly short period of time.

glhf pic.twitter.com/yunAX7DTtW

— Shibetoshi Nakamoto (@BillyM2k) May 12, 2022

Dogecoin millionaire Glauber Contessoto said even with DOGE sinking in the recent crash he still has enough funds to purchase a Lamborghini.

“I’ll be the coolest guy working at McDonald’s,” said Contessoto on Twitter.

Don’t worry guys, with the current price of #Dogecoin I still have enough money to buy a lambo. I’ll be the coolest guy working at McDonald’s lol

— SlumDOGE Millionaire (@ProTheDoge) May 13, 2022

A Lamborghini can cost anywhere between $200,000 to $500,000, according to Lamborghini Paramus, a dealership in New Jersey. 

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