Dogecoin Drops Sharply: Are Recent Crypto Rallies Bound To Fade Away?

Dogecoin DOGE/USD dropped 7.6% to $0.07 over 24 hours leading up to early Tuesday.

DOGE dropped along with other major coins as the global cryptocurrency market cap decreased 2% to $932.9 billion.

See Also: How To Get Free Crypto

Get Started

Start Your Crypto Journey Today and Get $500 in Rewards

Exclusively for new Crypto.com App users, unlock up to $500 worth of rewards in the most popular tokens when you start trading.

Get Started

The DOGE Factors

• DOGE was among the most mentioned coins on Twitter at press time, according to Cointrendz data. The three most mentioned coins were Bitcoin, USDD, and Ethereum.  Dogecoin was seen trending on CoinMarketCap at press time.
• The 24-hour trading volume for DOGE declined 33.9% to $773.855 million, according to CoinMarketCap.
• Coinglass data indicated that $3 million worth of DOGE were liquidated as the price of the meme coin fell.
• DOGE’s relative strength index stood at 51.26, according to data from TradingView. A RSI of below 30 indicates oversold conditions, while above 70 it indicates overbought conditions.

Crypto Stuck In A Range

“The mood for risky assets is to fade all rallies, which means Bitcoin should remain trapped in its tight trading range a little while longer,” said Edward Moya, a senior market analyst with OANDA on Monday.

Meanwhile, the correlation between cryptocurrencies and stocks continues to be strong, while the latter are affected once again by broader macroeconomic headwinds.

Large DOGE Transactions Surge

DOGE saw a 118% rise in transactions with a minimum value of $100,000, according to a prior report. Over the past week, the DOGE network recorded $887 million worth of large transactions as its price rallied 20%.

DOGE On The Web

Over the last seven days, Bitcoin has declined 1.1%, while ETH has managed gains of 3.55%, while DOGE is nearly up 16%. 

Dogecoin Foundation artist Dogememegirl illustrated DOGE’s recent strength in a meme on Twitter.

In a recent tweet, DOGE core developer Michi Lumin asked for volunteers in certain locales to conduct link trials for Radiodoge.

Read Next: 2022 Is The Worst Bear Market In Crypto History, On-Chain Data Shows