Dogecoin Daily: Price Goes Green, 'Millionaire' Showcases Purchasing Power And More

Dogecoin DOGE/USD traded 2.8% higher at $0.065 over 24 hours leading up to Thursday morning. 

DOGE moved higher with other major coins as the global cryptocurrency market cap rose 2.5% to $910.7 billion at press time.

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The DOGE Factors

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
• The meme coin was seen trending on CoinMarketCap at press time
• The 24-hour trading volume for DOGE declined 47% to $568.02 million, according to CoinMarketCap
• Coinglass data showed that $1.7 million worth of DOGE were liquidated over 24 hours as the price of the meme coin rose
• The relative strength index for DOGE was at 43.93 according to Trading View. An RSI of below 30 indicates oversold conditions while over 70 indicates overbought conditions 

Selling Showing Exhaustion

Despite macroeconomic headwinds, there are indications that selling is showing signs of “exhuastion” when it comes to Bitcoin, according to Edward Moya, a senior market analyst with OANDA. The apex coin is still shadowing stocks, but the $500 million outflows seen in the Purpose Bitcoin ETF could be the sign of capitulation that Bitcoin needs to form a short-term base, according to Moya.

DOGE On The Web

Dogecoin millionaire Glauber Contessoto showcased the power of DOGE at the NFT.NYC event in a recent tweet by purchasing a Doge Vodka Bloody Mary with his Dogecard and getting Dogecoin back as an incentive for the purchase.

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