Dogecoin Loses Steam Again Despite Elon Musk's 'Upgrades' Tweet

Dogecoin DOGE/USD traded 3.5% lower at $0.07 over 24 hours leading up to early Thursday morning.

DOGE fell lower in tandem with other major coins as the global cryptocurrency market cap dropped 3.8% to $1 trillion at press time.

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The DOGE Factors

• DOGE was among the most-mentioned coins on Twitter, according to Contrendz data. The three most-mentioned coins at press time were Bitcoin, XRP, and Ethereum.
• The 24-hour trading volume for DOGE shot up 85% to $1.06 billion, according to CoinMarketCap data.
• Coinglass data indicated that $5.52 million worth of DOGE was liquidated over 24 hours as the price of the meme coin fell at press time.
• Dogecoin’s relative strength index stood at 52.57 at press time. If an asset’s RSI is above 70 it is considered overbought, while if it is under 30 it is considered oversold.

Top-Heavy Markets Weigh On DOGE

DOGE was among the top gainers on Wednesday evening. However, the recent rally in cryptocurrencies appears to be moderating. The market was said to be “top-heavy” at the time by cryptocurrency trader Justin Bennett. 

DOGE Core Update Arrives 

Dogecoin developers have released the Dogecoin Core 1.14.6 update, which includes upgrades related to security and efficiency. The update, released late on Wednesday, makes changes to the existing fee structure and improves stuck transaction detection.

DOGE On The Web

Dogecoin co-creator Billy Markus shared his take on people selling Bitcoin on Wednesday.

anyway if you believe in your magic internet money, no one selling it would make you freak you, because who cares.

if you’re freaking out because someone else sold, you’re just showing you don’t think your magic internet money is worth anything.

— Shibetoshi Nakamoto (@BillyM2k) July 21, 2022

Notably, Markus’ comments came on the day it was disclosed that Tesla Inc TSLA, an automaker led by DOGE-bull Elon Musk, had sold 75% of its Bitcoin holdings.

Meanwhile, Musk noted the Dogecoin upgrade on Wednesday and tweeted on it. 

Upgrades!

— Elon Musk (@elonmusk) July 21, 2022

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