Dogecoin Daily: Recession Fears Continue To Take Toll, Elon Musk Lawsuit And More

Dogecoin DOGE/USD traded 4.7% lower at $0.6 over 24 hours leading up to Friday morning.

DOGE fell in tandem with other major coins as the global cryptocurrency market cap declined 4.8% to $898 billion.

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The DOGE Factors 

• DOGE was among the most mentioned cryptocurrencies on Twitter, according to Cointrendz data. Bitcoin, Ethereum, and Cardano were the three most mentioned coins at press time
• The 24-hour DOGE trading volume fell 30.6% to $679.89 million, according to CoinMarketCap.
• Coinglass data indicated that $1.4 million worth of DOGE were liquidated over 24 hours as the price of the meme cryptocurrency fell.
• DOGE’s relative strength index was at 30.836 at press time. An RSI of below 30 indicates oversold conditions.

Recession Fears Grip Crypto

“Surging recession fears are crippling appetite for risky assets and that has crypto traders remaining cautious about buying Bitcoin at these lows,” said Edward Moya, a senior market analyst at OANDA on Wednesday. Weak U.S. economic data and rate hikes by major central banks on Thursday added to the negative news cycle.

Lawsuit Against DOGE-Bull Musk

Tesla Inc TSLA and SpaceX CEO Elon Musk is being sued for $258 billion over claims that he was involved in a pyramid scheme that inflated the meme coin's price and left investors with losses amounting to billions of dollars.

Learnings From Crypto Winter

Dogecoin co-creator Billy Markus tweeted Thursday that if there is a new bull run after crypto winter could we all “collectively learn from the failings of celsius, luna, and 3ac.” 

assuming we have a new bull run after this crypto winter, could we all collectively learn from the failings of celsius, luna, and 3ac, and y’know, actually listen to people when they call out systemic risks instead of bullying people into silence because it helps short term bags

— Shibetoshi Nakamoto (@BillyM2k) June 16, 2022

DOGE On The Web

Dogecoin millionaire Glauber Contessoto said dollar-cost averaging the “safest way to buy into crypto” in a tweet on Thursday. 

Honestly the safest way to buy in to crypto is to DCA every month - my BFF @andreijikh told me this lol. I might start doing things the safe way this time around lol

— SlumDOGE Millionaire (@ProTheDoge) June 16, 2022

Dollar-cost averaging is a strategy in which investors buy a fixed dollar amount on a regular basis instead of making a lump-sum investment. It is propounded as a means of risk minimization. 

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