Dogecoin Shoots Up But Lags Crypto Market Recovery

Dogecoin DOGE/USD traded 2.8% higher at $0.08 over 24 hours leading up to early Monday morning.

DOGE rose alongside other major coins as the cryptocurrency market cap spiked 4.05% to $1.3 trillion at press time. 

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The DOGE Factors 

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz.
• The 24-hour trading volume for DOGE rose 9.3% to $339 million, according to data from CoinMarketCap.
• Coinglass figures indicated that $306,750 worth of DOGE was liquidated over 24 hours as the price of the meme coin rose.
• The relative strength index of DOGE was 42.27 at press time. An RSI of under 30 indicates oversold conditions, while over 70 the RSI indicates overbought conditions.

DOGE Reverses Course

DOGE was among the major coins that traded in the red on Sunday evening but reversed course and shot into positive territory overnight. Last week’s employment numbers indicate leeway for the Federal Reserve to raise interest rates beyond the summer, noted OANDA Senior Market Analyst Edward Moya. Fed rate hike expectations need to be tapered for the apex coin to stabilize further, according to the analyst.

First DOGE Coffee In OZ?

Dogecoin Foundation director Timothy Stebbing said on Twitter that he purchased possibly the first-ever coffee in Australia with DOGE. 

A casual chat with a local barista in  about dogecoin turned into possibly the first ever coffee bought with doge down under! Took less than 3 minutes from finding @MyDogeOfficial in the appstore to purchase, he says he's looking forward to more doge sales in the future pic.twitter.com/Vqr2VkpRHa

— Timothy Stebbing (@tjstebbing) June 6, 2022

Elon and Doge As Cartoon Legends

Dogecoin’s official Twitter handle shared a tweet by GenerationDoge on Sunday. The Dogecoin handle noted that the Elon and Doge cartoon characters are going to be transformed into a series by GenerationDoge.

much elon, such doge.. wow such drama what is even happen... apparently these guys are going to make this a series. hopefully other dimensions and times accept dogecoin. https://t.co/Hvi4uFGNu9

— Dogecoin (@dogecoin) May 6, 2022

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