Dogecoin (CRYPTO: DOGE) plunged sharply by over 30% to $0.07 in the 24 hours leading up to the early hours of Thursday.
The meme coin fell amid a wide rout in the market as the global cryptocurrency market cap dropped 19.15% to $1.2 trillion.
| 24-hour | -31.4% |
| 24-hour against Bitcoin | -21.6% |
| 24-hour against Ethereum | -13% |
| 7-day | -45.1% |
| 30-day | -46.5% |
| YTD performance | -57.3% |
- The 24-hour trading volume for DOGE rose 116.7% to $2.92 billion at press time, according to CoinMarketCap.
- Dogecoin was seen trending among retail investors on Stocktwits at press time. The coin also trended on CoinMarketCap.
- DOGE was not among the most mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz data.
- Data from Coinglass reflected that $19.13 million worth of DOGE was liquidated as the meme coin’s price declined sharply.
Crash Due To Terra (LUNA) Fiasco, Inflation Numbers The cryptocurrency market saw a sharp downturn Wednesday after April inflation numbers came in hotter than expected at 8.3%. Terra USD (UST) losing its peg to the dollar was described as a “fundamental risk” to the cryptocurrency industry by GlobalBlock analyst Marcus Sotiriou.
DOGE Oversold DOGE’s relative strength index stood at 24.83 at press time, according to data from Trading View. This puts the cryptocurrency in oversold territory. According to Benzinga’s Melanie Schaffer, the meme coin has resistance above at the 10-cent and the 12-cent mark and has support below at 7-cent and 5-cent levels.
Current Levels Not Attractive Pseudonymous cryptocurrency investor Kaleo said Wednesday that DOGE under 10 cents was not “worth buying” at this point in the market cycle.
Billy Markus Says Tech Bros, Degenerate Gamblers To Blame Dogecoin-co creator Billy Markus blamed the market crash on “tech bro hubris” and “degenerate gamblers” on Thursday morning.
welcome to a real crypto crash boys and girlsDOGE On The Web Dogecoin millionaire Glauber Contessoto tweeted Wednesday that it was “crazy to think” that a sound cryptocurrency project like Luna “still got completely REKT.”this one was caused by tech bro hubris and degenerate gamblers, like all the other ones
— Shibetoshi Nakamoto (@BillyM2k) May 12, 2022
It’s crazy to think you can invest in a “sound” crypto project with all the bells and whistles of utility and an incredible team behind it like #LUNA and still get completely REKT. No one knows anything.Read Next: Crypto Trading Hamster Who Outperformed Warren Buffett Is Back From The Dead And Buying Dogecoin— SlumDOGE Millionaire (@ProTheDoge) May 11, 2022
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