Dogecoin (CRYPTO: DOGE) traded 0.5% lower at $0.07 over 24 hours leading up to early Tuesday morning.
DOGE traded lower alongside other major coins as the global cryptocurrency market cap fell 1.3% to $1.01 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -0.5% |
| 24-hour against Bitcoin | 0.6% |
| 24-hour against Ethereum | 0.06% |
| 7-day | 16.3% |
| 30-day | -1.9% |
|
YTD performance |
-61.06% |
See Also: Best USDC Interest Rates
The DOGE Factors
- DOGE was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, ApeCoin, and Ethereum.
- The 24-hour trading volume for DOGE fell 7.9% to $443.93 million, according to CoinMarketCap.
- Coinglass data showed that $2.13 million worth of Dogecoin were liquidated over 24 hours as the price of the meme coin fell.
- The relative strength index of DOGE was at 44.86 at press time, according to TradingView. If an asset has RSI below 30, it is said to be oversold, and if the RSI is more than 70, the asset is considered overbought.
Inflation Could Spring A Surprise
As focus returns to macroeconomic factors and risk assets come under pressure ahead of personal consumption expenditures (PCE) data release expected Friday and U.S. Federal Reserve’s Jackson Hole Symposium due Aug. 25, an analyst said the price rise numbers could turn out to be bullish for risk assets.
ZFX Trading analyst Miad Kasravi said that the consensus is that “PCE peaked in June and Friday’s data will confirm this.” He said that if it turns out to be true then it's “significantly bullish for risk assets like [Bitcoin] + equities.”
Proponents On Dogecoin-Ethereum Bridge
Dogecoin co-creator Billy Markus and DOGE-oriented Twitter handle Mishaboar discussed DOGE-ETH bridges on Monday. Markus said while he hopes the bridge shared by Mishaboar works he “ain’t gonna be responsible for any DeFi s**t ever.” The bridge is a technology that would allow DOGE to be transferred between the Dogecoin and Ethereum blockchains.
DOGE On The Web
Dogecoin Foundation Director Timothy Stebbing announced a new mailing list service for the entire community on Monday.
Hey it works! https://t.co/WLeGinCjWZ
— Timothy Stebbing (@tjstebbing) August 23, 2022
“Mailing lists are not as shiny, but in my experience provide much greater, qualitative long-form discussion that cuts out the noise and lets devs and community talk at a deeper level, with an archive that means the conversations are not lost in the wash of animated gifs,” said Stebbing.
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