Dogecoin In Green As Battered Risk Assets Look To Shrug Off Downward Pressure

Dogecoin DOGE/USD traded 1.7% higher at $0.07 over 24 hours leading up to early Monday morning.

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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 Dogecoin rose 7.2% to $303.06 million, according to CoinMarketCap
• Coinglass data indicated that $794,410 worth of DOGE were liquidated over 24 hours as the price of the meme coin rose
• DOGE’s relative strength index was at 49.84 at press time, according to TradingView. An RSI of below 30 indicates an asset is oversold, while an above 70 RSI indicates it is overbought

Risky Assets Could See A Bounce

Risky assets could see a bounce as they’ve been beaten up enough but a sustained rally won’t take place before the U.S. Federal Reserve has delivered more “massive rate hikes,” said OANDA’s Senior Market Analyst Edward Moya recently. 

DOGE Co-Creator Notices Spike

Dogecoin co-creator Billy Markus noted that DOGE blockchain transactions are experiencing a spike. The number of daily transactions on the Dogecoin blockchain surged to a one-year high of 74,986 on Sunday, according to a prior report.

DOGE On The Web

Markus also took a jab at chartists after Ethereum prices soared on Sunday. 

“what does it mean?”

it means ¯\_(ツ)_/¯

— Shibetoshi Nakamoto (@BillyM2k) July 15, 2022

On Sunday, a Dogecoin developer who goes by the handle “chromatic_x” posted a blog on the release notes for Dogecoin Core 1.14.6.

Let's talk about release notes and why the process of collating them is so useful!https://t.co/Fh5OvPibhu

Bonus points to everyone who finds the Ed Wood reference.#DogeDevDiary #Dogecoin

— ☣ junior developer ☣ (@chromatic_x) July 17, 2022

“I for one am proud that the 1.14.6 release includes features we haven’t seen before in any of the Bitcoin forks in our constellation,” the developer said. 

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