Zinger Key Points
- Dogecoin in the red along with other major peers.
- The bellwether meme coin is trading lower with spike in 24-hour trading volumes.
- Basketball team Aliens unveil jerseys featuring Dogecoin logo.
- Get New Picks of the Market's Top Stocks
Dogecoin DOGE/USD traded 2.2% lower at $0.6 over 24 hours leading up to early Tuesday morning.
DOGE dropped lower along with other major coins amid a market-wide rout that extended until press time.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -2.2% |
| 24-hour against Bitcoin | 9.85% |
| 24-hour against Ethereum | -2.4% |
| 7-day | -27.5% |
| 30-day | -34.8% |
|
YTD performance |
-66.9% |
See Also: Best USDC Interest Rates
The DOGE Factors
- The 24-hour DOGE volume rose 49.8% to $1.45 billion, according to CoinMarketCap data.
- Coinglass data indicated that $4.67 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
- DOGE was in “oversold” territory as its relative strength index hovered around 26.61, according to Trading View.
Liquidity, Celsius Weigh On Crypto Market
Dogecoin crashed along with two of the largest coins by market cap on Monday evening as investors awaited the outcome of a 2-day policy meeting of the U.S. Federal Reserve — slated to commence Tuesday. Cryptos were under pressure due to mounting insolvency fears surrounding Celsius (CEL), a large cryptocurrency lender.
Fear Grips DOGE Investors
DOGE’s decline on Monday was defined by large volumes, which is an indication that fear gripped investors. As the crypto runs out of sellers in the next few days, traders can look out for chart patterns to signal future price action with continuation to the downside as a likely scenario, according to Benzinga’s Melanie Schaffer.
DOGE has resistance above $0.065 and $0.083 and has support below the 5-cent market and at 4 cents, according to Schaffer.
Such Jerseys, Much Wow!
The Big3 basketball team Aliens, part of the league co-founded by rapper Ice Cube, unveiled jerseys featuring the DOGE logo recently. Dogecoin’s official Twitter handle shared the new uniforms on Monday.
Very much wow. Go @big3aliens! Such Doge jerseys. https://t.co/8DFAoGndpX
— Dogecoin (@dogecoin) June 13, 2022
Crypto Meltdown Reactions
Dogecoin millionaire Glauber Contessoto wants to drown his sorrows in DOGE vodka and forget that Monday’s cryptocurrency wipeout took place.
You know what… ima just get drunk off some Doge vodka and forget today ever happened who wants some? Shots on me https://t.co/30QZfVCWXc
— SlumDOGE Millionaire (@ProTheDoge) June 14, 2022
DOGE co-creator Billy Markus said he is “hangry” due to a mix of intermittent fasting and losing all his money and reading about the “idiocy” that led to him losing his funds.
this intermittent fasting diet plus losing all my money plus reading about all the idiocy leading to me losing all my money sure is making me hangry
— Shibetoshi Nakamoto (@BillyM2k) June 14, 2022
Earlier Markus derided Terra (LUNA) and Celsius (CEL) projects and said they were “ready to collapse” the entire market.
how much stupid ass shit like luna and celsius ready to collapse the entire market is there in crypto anyway https://t.co/bU3bfVakxJ
— Shibetoshi Nakamoto (@BillyM2k) June 13, 2022
Read Next: How Low Does Bitcoin Have To Fall Before MicroStrategy Is Forced Out Of Its Massive Pile Of Coins?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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