Dogecoin Crashes Over 5% Amid Crypto Market Rout

Dogecoin DOGE/USD traded 5% lower at $0.079 over 24 hours leading up to early Tuesday morning.

DOGE declined sharply along with other major coins as the global cryptocurrency market cap dropped 6% to $1.2 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 fall in DOGE prices was accompanied by an uptick in 24-hour trading volume which rose 68.6% to $575.1 million, according to CoinMarketCap data.
• Data from Coinglass indicated that $1.74 million worth of DOGE was liquidated over 24 hours as the price of DOGE crashed.
• The relative strength index for DOGE was 38.6. An RSI of 30 indicates an asset is oversold, while over 70 indicates it is overbought.

Sudden Market Crash

Dogecoin along with other major cryptocurrencies crashed suddenly after spiking on Monday evening. Cryptocurrency analyst Justin Bennett had called out that the rally would not be sustained.

Crypto Only Interesting On The Upside

DOGE co-creator Billy Markus said cryptocurrencies are only interesting to the masses when numbers go up and “always has been always will be.” Markus tweeted a graph of “interest over time” for the “Dogecoin” search term to make his point. 

crypto is only interesting to the masses when number go up

always has been always will be pic.twitter.com/522uiLWQKa

— Shibetoshi Nakamoto (@BillyM2k) June 6, 2022

According to Google Trendz interest in “Dogecoin” reached peak popularity of 100 between June 20 and 26, 2021 in the United States, while more recently between June 5 and June 11, the interest was at 0. 

DOGE traded at a peak of nearly $0.30 when the interest peaked in June 2021, while currently, it is trading around the $0.08 mark. 

DOGE On The Web

Spirit Punks, which is in the process of issuing an NFT-paired spirit offering of 2,013 NFTs and physical bottles of Vodka, said it's getting “all packaged up” as it comes near to the drop. The project shared a photo of “Doge Vodka” bottles on Twitter. 

Doge Vodka getting all packaged up as we get closer to our big drop…

What will your first drink be? #DogeVodka #DoOnlyGoodEveryday #dogearmy #dogefam pic.twitter.com/67m84Yj8Ji

— SpiritPunks (@SpiritPunks_) June 7, 2022

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