Dogecoin Daily: Fed Meeting Weighs On Price, Dogefather Elon Musk And Co-Founder Create Social Buzz

Dogecoin DOGE/USD traded 1.1% lower at $0.13 over 24 hours leading up to early Tuesday morning.

DOGE fell alongside other major coins as the global cryptocurrency market cap decreased 0.5% to $1.7 trillion at press time.

See Also: How To Get Free NFTs

The DOGE Factors

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data. The meme coin was among the trending coins on CoinMarketCap.
• The 24-hour trading volume for Dogecoin fell 5.9% to $709.775 million, according to data from CoinMarketCap.
• Coinglass data indicated that $1.36 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme coin fell.

Cryptocurrencies Under Pressure

Cryptocurrencies were under pressure ahead of a key policy meeting of the U.S. Federal Reserve. The central bank is widely expected to announce rate hikes on Wednesday.  Cryptocurrency analyst Justin Bennett said “indecision” could dominate the mood of the market ahead of the Fed announcement.

Key Dogecoin Levels

Dogecoin faces resistance above $0.135 and $0.146 levels and support below just $0.12 and $0.10 levels, according to Benzinga’s Melanie Schaffer. On Monday, the cryptocurrency was falling on lower-than-average volume which, according to Schaffer confirms DOGE is in a consolidation phase and not experiencing fear-induced selling.

Tax The Rich Or Ax The Itch?

Dogecoin co-creator Billy Markus shared a photo of the dress Rep. Alexandria Ocasio-Cortez (D-N.Y.) wore to the Met Gala last year on a Twitter thread involving billionaire and Tesla Inc TSLA CEO Elon Musk. 

The white dress that Ocasio-Cortez wore had “Tax The Rich” emblazoned on it. Musk responded, “Can only read one side. Looks like ‘ax the itch’?”

Can only read one side. Looks like “ax the itch”?

— Elon Musk (@elonmusk) May 3, 2022

Read Next: Facebook Parent Sued By Internet Computer (ICP) Founders Over Infinity Logo