Dogecoin Holds Its Own Despite Bearish Outlook For Equities: What's Driving The Coin Today

Dogecoin DOGE/USD traded 2.1% higher at $0.09 over 24 hours leading up to early Monday.

DOGE saw a moderate spike alongside other major coins but traded below the psychologically important 10-cent mark as the global cryptocurrency market cap rose 3.1% to $1.3 trillion.

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The DOGE Factors 

• DOGE was among the most mentioned cryptocurrencies on Twitter at press time, according to Cointrendz data. The three most mentioned coins were Terra, Bitcoin, and Solana
• Dogecoin’s 24-hour trading volume rose 21.7% to $386.95 million at press time, according to CoinMarketCap.
• Coinglass data indicated that $664,580 worth of DOGE was liquidated over 24 hours as the price of the meme coin rose.

Choppy Stocks Could Exert Pain On Crypto

In the fresh trading week, choppy equities markets could exert more downwards pressure on cryptocurrencies as the strong correlation between equities and cryptocurrencies persists. Edward Moya, a senior market analyst at OANDA, expects technical selling to pick up the pace.

Tesla Files Plans For Hollywood DOGE Supercharger

Tesla Inc TSLA has filed plans for a Hollywood supercharger, according to a report from Sunday. The location will also have a diner and a drive-in theater.

Tesla CEO Elon Musk had tweeted in February that Dogecoin could be accepted at that location.

Doge On The Web

Dogecoin co-creator Billy Markus tweeted that “smart, sustainable” growth is better than “crazy unsustainable hype” on Sunday.

smart, sustainable growth is better than crazy unsustainable hype

— Shibetoshi Nakamoto (@BillyM2k) May 22, 2022

Markus said that “people lining up to exit” is what unsustainable hype brings in response to a Twitter user.

people lining up to exit is what unsustainable hype brings

— Shibetoshi Nakamoto (@BillyM2k) May 22, 2022

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