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Dogecoin Shoots Up But Lags Crypto Market Recovery

Published 06/06/2022, 12:45
Updated 06/06/2022, 13:40
© Reuters. Dogecoin Shoots Up But Lags Crypto Market Recovery

Dogecoin (CRYPTO: DOGE) traded 2.8% higher at $0.08 over 24 hours leading up to early Monday morning.

DOGE rose alongside other major coins as the cryptocurrency market cap spiked 4.05% to $1.3 trillion at press time.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour 2%
24-hour against Bitcoin -2.8%
24-hour against Ethereum -4%
7-day -1.3%
30-day -34%
YTD performance

 -51%
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The DOGE Factors

  • DOGE was not among the most mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz.
  • The 24-hour trading volume for DOGE rose 9.3% to $339 million, according to data from CoinMarketCap.
  • Coinglass figures indicated that $306,750 worth of DOGE was liquidated over 24 hours as the price of the meme coin rose.
  • The relative strength index of DOGE was 42.27 at press time. An RSI of under 30 indicates oversold conditions, while over 70 the RSI indicates overbought conditions.
DOGE Reverses Course DOGE was among the major coins that traded in the red on Sunday evening but reversed course and shot into positive territory overnight. Last week’s employment numbers indicate leeway for the Federal Reserve to raise interest rates beyond the summer, noted OANDA Senior Market Analyst Edward Moya. Fed rate hike expectations need to be tapered for the apex coin to stabilize further, according to the analyst.

First DOGE Coffee In OZ? Dogecoin Foundation director Timothy Stebbing said on Twitter that he purchased possibly the first-ever coffee in Australia with DOGE.

Elon and Doge As Cartoon Legends Dogecoin’s official Twitter handle shared a tweet by GenerationDoge on Sunday. The Dogecoin handle noted that the Elon and Doge cartoon characters are going to be transformed into a series by GenerationDoge.

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

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