Zinger Key Points
- Dogecoin spikes after July inflation numbers come in lower on Wednesday
- Meme coin's 24-hour trading volume drops almost 31% at press time
- DOGE co-creator says inflation still 'obscenely high,' jeers if investors are engaging in 'delusional optimism'
Dogecoin DOGE/USD rose nearly 6% to $0.07 over 24 hours leading up to early Thursday morning.
DOGE rose alongside major coins as the global cryptocurrency market cap shot up 7.15% to $1.2 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 5.9% |
| 24-hour against Bitcoin | -1.1% |
| 24-hour against Ethereum | -6.2% |
| 7-day | 14.8% |
| 30-day | 4.35% |
|
YTD performance |
-58.2% |
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The DOGE Factors
- Dogecoin was not among the most-mentioned coins on Twitter at press time, according to Cointrendz.
- The 24-hour DOGE trading volume fell 30.7% to $443.98 million at press time, according to CoinMarketCap.
- Coinglass data showed that $798,800 worth of DOGE was liquidated over 24 hours as the price of the meme coin rose.
- Dogecoin’s relative strength index was at 59.23 at press time, according to TradingView. An asset with RSI over 70 is considered overbought while an RSI of less than 30 indicates it is oversold.
DOGE Joins Cryptos In Cheering July CPI
A lower inflation rise in July was cheered by the broader cryptocurrency market and also saw DOGE rising on Wednesday evening. The extension of the risk-on rally could lead to an appreciation in the price of Bitcoin, said Edward Moya, senior market analyst with OANDA. “If inflation continues to drop, the bull-steepening trade will gain further momentum,” the analyst said.
Delusional Optimism
Dogecoin co-creator Billy Markus commented on the decline in inflation on Wednesday and said that it went down from last month’s “obscenely high” level of 9.1% year-over-year to a similarly "obscene" level — 8.5% — this month. Markus said in a tongue-in-cheek fashion that it was time to “return to delusional optimism.”
inflation went from an obscenely high +9.1% YoY last month to an obscenely high YoY +8.5% this month
— Shibetoshi Nakamoto (@BillyM2k) August 10, 2022
time to return to delusional optimism!
DOGE On The Web
Dogecoin Foundation Director Timothy Stebbing and developers Michi Lumin and Inevitable 360 will appear on the Real Shibes Podcast on Aug. 17 at 6 p.m. CST. (7 p.m. ET).
We've been working like a Doge
— Real Shibes Podcast (@Real_Shibes) August 11, 2022
Join us as we continue our #EujTour with Special Guests @michilumin @tjstebbing @inevitable360!
We have lots to unpack & will be fielding 's from the community via DM until show time!
08/17 - 6pm CST / 11pm GMT
08/18 - 11am AEST pic.twitter.com/EZJfeSxusp
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