Zinger Key Points
- Dogecoin plunges sharply along with major coins
- Decline in price comes as inflation, Celsius shocks batter market
- Billy Markus says cryptocurrencies as hedge against inflation is 'marketing bull****'
Dogecoin DOGE/USD traded over 11% lower at $0.06 over 24 hours leading up to early Monday. The price of DOGE crashed along with other major coins as the global cryptocurrency market plunged 7.5% to $1.02 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -11.2% |
| 24-hour against Bitcoin | -3.6% |
| 24-hour against Ethereum | -11.4% |
| 7-day | -29.8% |
| 30-day | -35.6% |
|
YTD performance |
-66.3% |
See Also: How To Get Free Crypto
The DOGE Factors
- Data from CoinMarketCap indicated that the 24-hour trading volume for DOGE rose 40.5% to $968.575 million.
- Over $3.1 million worth of DOGE was liquidated over 24 hours as the price of the meme coin dropped heavily, according to Coinglass.
- DOGE was seen in “oversold” territory as its relative strength index fell to 22.76, according to Trading View.
Cryptocurrencies Plunge After Inflation, Celsius Shocks
Major coins declined over the weekend after inflation came in hotter than expected by analysts on Friday. DOGE has declined nearly 30% over a seven-day period. Recovery for the apex coin over the fresh trading week could be slower due to the current environment, according to Edward Moya, a senior market analyst at OANDA.
On Sunday, cryptocurrency lending firm Celsius said it was halting withdrawals, swaps and transfers between accounts due to the “extreme market conditions.” Ethereum especially reacted negatively to the news and the overall crypto market saw further weakness.
DOGE Drops Sharper
Dogecoin's downward moves over the weekend have been sharper than the apex coin and the coin is in a confirmed downtrend, according to Benzinga’s Melanie Schaffer. The meme coin will find resistance at $0.075 and the $0.083 mark if it bounces up.
Doge Co-Creator’s Take On Correlation
Doge co-creator Billy Markus said that cryptocurrency as a hedge for inflation is just “marketing bull****.”
“why does crypto go down when market is down i thought it was a hedge for inflation and yadda yadda”
— Shibetoshi Nakamoto (@BillyM2k) June 11, 2022
cuz “hedge for inflation” is just marketing bullshit
people are able to gamble on hyper volatile stuff when they have extra money, and don’t when they don’t have money
“People are able to gamble on hyper volatile stuff when they have extra money, and don’t when they don’t have money,” said Markus.
Doge On The Web
Dogecoin developer Patrick Lodder posted an update on Reddit about the upcoming 1.14.6 release of Dogecoin core on Sunday.
Lodder said he and a fellow developer were still working to “make sense” of the network hardening he addressed in a previous post as the deadline for release looms ahead.
“By far the hardest aspect is to take the time needed to fully understand all implications of changes we’re making, and not rush out code that we may regret later,” said Lodder.
A number of finished translations have been merged in the meantime, according to the developer. Lodder said this was “awesome” because it would make Dogecoin more accessible to 384 million Shibes who speak various languages.
Read Next: $100 Invested In Dogecoin Right Now Would Be Worth This Much If It Returns To All-Time High
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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