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Dogecoin Daily: Price Dampens, Co-Founder Says 'Crypto Acting Like It's 2021'

Published 12/08/2022, 11:43
Updated 12/08/2022, 12:40
© Reuters. Dogecoin Daily: Price Dampens, Co-Founder Says 'Crypto Acting Like It's 2021'
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Dogecoin (CRYPTO: DOGE) traded 1.45% lower at $0.07 over 24 hours leading up to early Friday morning.

DOGE traded lower alongside larger coins as the global cryptocurrency market cap fell 1.7% to $1.15 trillion.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour -1.45%
24-hour against Bitcoin 1.1%
24-hour against Ethereum -1.3%
7-day 17%
30-day 4.35%
YTD performance

 -58.9%

See Also: Best USDC Interest Rates

The DOGE Factors

  • DOGE was among the most-mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz. The three most discussed coins on the platform were Bitcoin, Ethereum, and XRP.
  • The 24-hour trading volume for DOGE rose 16.4% to $519.44 million, according to data from CoinMarketCap.
  • Coinglass data indicated that $1.53 million worth of DOGE was liquidated over 24 hours as the price of the meme coin declined.
  • Dogecoin’s relative strength index was at 57.31 at press time, according to TradingView. An asset with RSI above 70 is said to be overbought; RSI below 30 denotes it is oversold.

Rally Fades, But Traders See Upside The recent cryptocurrency rally spurred by the lower July inflation numbers began fading on Thursday evening but traders are hopeful of upward momentum continuing. Amsterdam-based cryptocurrency trader Michaël van de Poppe said the apex coin could touch the $30,000 mark next month, while the second-largest coin could touch the $2,500 level.

Crypto Still In 2021 Mode DOGE co-creator Billy Markus said that cryptocurrencies are acting as if they were still in 2021. Notably, DOGE shot up a whopping 3559.5% in that year.

DOGE On The Web Mishaboar, a DOGE-oriented Twitter handle, called upon graphics designers to assist DOGE developer Loladam who is working on a Simplified Payment Verification (SPV) wallet. The wallet is currently only functional via the terminal, according to Mishaboar.

SPV wallets aren't resource-intensive and are considered a good match for devices such as smartphones.

Read Next: Ethereum Merge Date Gets Moved Up By 4 Days: Why The Change Is Significant

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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