Dogecoin Daily: Price Drops Even As Meme Coin Seen Trending On Social Media

Dogecoin DOGE/USD dropped 7.4% to $0.08 over 24 hours leading up to early Thursday morning.

DOGE slid alongside other major coins as the global cryptocurrency market cap declined 3.1% to $1.1 trillion.

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The DOGE Factors

• Dogecoin was among the most-mentioned coins on Twitter at press time, according to Cointrendz data. The three most-mentioned coins were Bitcoin, Ethereum, and XRP. DOGE was also seen trending on CoinMarketCap.
• The 24-hour trading volume for Dogecoin dropped 58.4% to $819.16 million at press time, according to CoinMarketCap.
• Coinglass data indicated that $4.24 million worth  of DOGE were liquidated over 24 hours as the price of the memecoin dropped.
• Dogecoin’s relative strength index was at 62.05 at press time, according to TradingView. If an asset has an RSI above 70, it is thought to be overbought, and below 30, it is thought to be oversold.

Risk Assets Hit By Inflation Worries

Minutes released from the July policy meeting of the U.S. Federal Reserve indicate that the central bank would maintain its hawkish course until inflation drops significantly. Uphold’s head of blockchain research Martin Hiesboeck said the apex coin could still be in for a “big dump” by September.

Expectations Vs. Reality 

Dogecoin co-creator Billy Markus noted the disparity between the fact that “Dogecoin” was trending and its price action on Wednesday. 

DOGE On The Web

DOGE developer Michi Lumin said the “current goal” for “Libdogecoin” is to increase “portability and compatibility.”

Libdogecoin is a C library that enables direct integration of Dogecoin across platforms.

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