Dogecoin (CRYPTO: DOGE) traded 3.2% lower at $0.086 over 24 hours leading up to early Wednesday morning.
DOGE slipped into the red alongside other major coins as the global cryptocurrency market cap declined 3.5% to $1.27 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -3.2% |
| 24-hour against Bitcoin | -0.9% |
| 24-hour against Ethereum | 1.24% |
| 7-day | -36.1% |
| 30-day | -% |
|
YTD performance |
-49.5% |
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The DOGE Factors
- Dogecoin was not among the most mentioned coins on Twitter, according to Cointrendz data. The meme cryptocurrency trended on CoinMarketCap at press time.
- The 24-hour trading volume for DOGE increased 6% to $556 million at press time, according to CoinMarketCap.
- Coinglass data indicated that $1.6 million worth of DOGE was liquidated in 24 hours as the cryptocurrency’s price fell.
Crypto Gains Trail Stocks
Cryptocurrency gains trailed those of stocks on Tuesday evening after U.S. Federal Jerome Powell gave a speech. The head of the central bank said that “Restoring price stability is a non-negotiable need. It is something we have to do.” Powell warned of pain yet to come.
DOGE Nears Oversold Conditions
DOGE’s relative strength index hovered at the 34.4 mark at press time, according to Trading View data, indicating that the meme coin was approaching oversold conditions.
DOGE Acceptance
Gokhshtein Media CEO David Gokhshtein said the company is going to allow DOGE as payment on Twitter. He said, “it's not an Elon Musk announcement, but people have been asking, so let's do what the people want.”
it's not an Elon Musk announcement, but people have been asking, so let's do what the people want.
— David Gokhshtein (@davidgokhshtein) May 18, 2022
DOGE On The Web
Dogecoin Foundation artist “Dogememegirl” said on Twitter that the “Rule No.1” for cryptocurrency newbies is — do not send your cryptocurrency to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.
Rule No.1 for crypto newbies, 'Do not send your crypto to @elonmusk'. #doge #dogecoin pic.twitter.com/92DVorfgUy
— Dogememegirl (@Dogememegirl) May 17, 2022
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