Dogecoin DOGE/USD traded 3.2% higher at $0.09 over 24 hours leading up to early Tuesday morning.
DOGE traded higher with other major coins as the global cryptocurrency market cap rose 3.25% higher over 24 hours to $1.3 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 3.2% |
| 24-hour against Bitcoin | -0.4% |
| 24-hour against Ethereum | -0.5% |
| 7-day | -21% |
| 30-day | -37.45% |
|
YTD performance |
-47.9% |
See Also: How To Get Free Crypto
The DOGE Factors
- DOGE was not among the most mentioned coins on Twitter, according to data from Cointrendz.
- The 24-hour trading volume for DOGE declined 18.3% to $554.9 million, according to CoinMarketCap.
- Data from Coinglass indicates that 1.09 million DOGE were liquidated at press time over 24 hours, as the meme coin rose in value.
Investors Licking Massive Wounds
Confidence in cryptocurrencies remains weak — and unless concerns surrounding stablecoins ease, the apex coin is in the “fight for its life,” according to OANDA Senior Market Analyst Edward Moya.
Doge Signaling A Reversal?
DOGE found support at the $0.085 mark. The meme coin has resistance above $0.099 and at the 12-cent mark, according to Benzinga’s Melanie Schaffer. A hammer candlestick pattern on DOGE’s chart, which is seen during a downtrend, could indicate a bounce, according to Schaffer.
Elon Musk Reacts To Billy Markus
On Monday, Tesla Inc TSLA CEO Elon Musk reacted to a tweet by DOGE co-creator Billy Markus who said people think “crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes.”
DOGE On The Web
Markus distinguished himself from the founders of newer meme coins. He said on Twitter that DOGE was made 8 years ago as a satire reflecting on the state of cryptocurrency at the moment. He said the founders of DOGE made “barely anything.”
“Current “meme” coins: made to make founders rich.” Markus said, “We are not the same.”
$doge: made 8 years ago as satire of the cryptocurrency scene and how many dumb coins exist, at a time when the scene took itself super seriously. got popular despite this. founders made barely anything.
— Shibetoshi Nakamoto (@BillyM2k) May 17, 2022
current “meme” coins: made to make founders rich.
we are not the same.
Markus said, “the last thing crypto needs is another coin or token” when a Twitter user asked him to launch a fresh new project.
the last thing crypto needs is another coin or token.
— Shibetoshi Nakamoto (@BillyM2k) May 17, 2022
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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