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Dogecoin Struggles As FOMC Minutes Fail To Give Boost To Cryptos

Published 26/05/2022, 12:51
Updated 26/05/2022, 13:41
© Reuters.  Dogecoin Struggles As FOMC Minutes Fail To Give Boost To Cryptos

© Reuters. Dogecoin Struggles As FOMC Minutes Fail To Give Boost To Cryptos

Dogecoin (CRYPTO: DOGE) traded nearly 3% lower at $0.08 over 24 hours leading up to early Thursday morning.

DOGE moved into the red alongside other major coins as the global cryptocurrency market cap fell 1.6% to $1.25 trillion at press time.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour -2.9%
24-hour against Bitcoin -2.2%
24-hour against Ethereum -2.9%
7-day -5.05%
30-day -49.05%
YTD performance

-53.35%
See Also: How To Get Free NFTs

The DOGE Factors

  • DOGE was not among the most mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz data.
  • The 24-hour trading volume for DOGE fell 10.45% to $429.31 million at press time, according to CoinMarketCap.
  • Coinglass data showed that $798,980 worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
  • DOGE’s relative strength index approached oversold levels at 32.80 at press time, according to data from Trading View.
FOMC Minutes Lift Stocks Highers, Cryptos Unmoved Federal Open Market Committee minutes, released Wednesday, indicate rate hikes in June and July will be in line with market expectations at 50 basis points. This pushed stocks higher on the same day. However, the apex coin struggling above the $30,000 mark while equities show signs of stability may be a troubling sign according to OANDA Senior Market Analyst Edward Moya.

Dogecoin Needs You Dogecoin’s official Twitter handle called out for non-coders to help with language translations to help make the meme cryptocurrency accessible to more people.

DOGE On The Web Dogecoin co-creator Billy Markus said he has reached 1.6 million followers on Twitter, which is half the population of Phoenix, Arizona, if half the people were robots. He thanked his followers for “putting” up with his cynicism and misanthropy.

Markus follows 420 people, a number associated with cannabis culture.

Read Next: 'Invest In Peace, Bro:' Ukraine Seeks More Crypto Donations With Rap Video

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

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