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Dogecoin Daily: Price Plunges Sharply Ahead Of Inflation Data — But Community Revels In '69 Milestone'

Cryptocurrency Aug 10, 2022 13:12
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© Reuters. Dogecoin Daily: Price Plunges Sharply Ahead Of Inflation Data — But Community Revels In '69 Milestone'
 
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Dogecoin (CRYPTO: DOGE) dropped 7.4% lower to $0.07 over 24 hours leading up to early Wednesday morning.

The meme coin's price plunged along with larger coins as the global cryptocurrency market cap declined 3.8% to $1.1 trillion.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour -7.4%
24-hour against Bitcoin -3.1%
24-hour against Ethereum -1.6%
7-day 1.1%
30-day 4.35%
YTD performance

-60.8%

See Also: How To Get Free NFTs

The DOGE Factors

  • Dogecoin was not among the most-mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz.
  • The 24-hour trading volume for Dogecoin rose 23.1% to $580.75 million, according to CoinMarketCap.
  • Coinglass data indicated that $3.46 million worth of DOGE were liquidated over 24 hours as the price of the meme coin slid sharply.
  • The relative strength index for Dogecoin was 50.82, according to TradingView. A RSI above 70 means an asset is overbought, while below 30 it indicates it is oversold.

Correction Due To CPI Fears But… Cryptocurrency trader Michaël van de Poppe said the correction was ushered in due to fears surrounding consumer price index data — due to be released on Wednesday. Trader Justin Bennett warned his followers on Twitter to expect volatility ahead of the inflation data release. However, if inflation eases, the apex coin could “burst above its recent trading range,” said Edward Moya, a senior market analyst with OANDA.

Dogecoin Touches 69 Cents Dogecoin’s official Twitter handle shared a meme that highlighted the memecoin hitting 69 cents on Tuesday.

DOGE On The Web The original Dogecoin mascot Kabosu, enjoyed a sunny day kayaking, according to a blog post, first noted on the Twitter feed of the Dogecoin Foundation. Kabosu is an elderly Shiba Inu dog that has gone on to become the face of the memecoin.

Read Next: Dogecoin Is So Far Ahead Of Visa (NYSE:V)'s Payment Speed, It's 'Laughable,' Says Lead Developer

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

Read the original article on Benzinga

Dogecoin Daily: Price Plunges Sharply Ahead Of Inflation Data — But Community Revels In '69 Milestone'
 

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