Dogecoin DOGE/USD shot up 13.3% to $0.08 over 24 hours leading up to the early hours of Monday before paring gains and falling back to $0.07.
DOGE bucked the trend earlier in the day and rose even as major coins traded in the red and the global cryptocurrency market cap fell 1.1% to $951.3 billion.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||1.97%|
|24-hour against Ethereum||-1%|
See Also: Best Crypto Debit Cards
The DOGE Factors
- DOGE was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most mentioned coins were Bitcoin, Ethereum, and XRP.
- At press time, DOGE rival Shiba Inu SHIB/USD was seen trending on CoinMarketCap.
- The 24-hour trading volume for DOGE spiked 190.8% to $1.17 billion, according to CoinMarketCap.
- Coinglass data indicated that $4.2 million worth of DOGE was liquidated over 24 hours as the price of the meme coin soared.
Selling Pressure Easing, But Buyers Not Emerging
Edward Moya, a senior market analyst with OANDA said that while the selling pressure is easing on the apex coin side, strong buyers remain absent. Sentiment among cryptocurrency investors remained marred with fear going into the fresh trading week.
DOGE Breaks Free
DOGE broke free bullishly from a double inside bar pattern on its chart on Sunday. The move continues a solid uptrend the crypto has been experiencing since June 18, according to Benzinga’s Melanie Schaffer. DOGE has resistance above the $0.083 mark and just below 10 cents and support below at the $0.063 and $0.05 marks, according to Schaffer.
Going Up For No Reason?
The co-creator of Dogecoin, Billy Markus, tweeted on Sunday that “crypto and stocks are going up again for no apparent reason.”
oh hey crypto and stocks are going up again for no apparent reason— Shibetoshi Nakamoto (@BillyM2k) June 24, 2022
In a separate tweet, he said, “somehow, a parody dog on a coin is less stupid than crypto in general has become.”
somehow, a parody dog on a coin is less stupid than crypto in general has become— Shibetoshi Nakamoto (@BillyM2k) June 24, 2022
DOGE On The Web
Dogecoin “‘millionaire’” Glauber Contessoto said he would get a face tattoo featuring DOGE if the memecoin hits the $1 mark.
DOGE’s brief upward price movement inspired a number of memes on r/Dogecoin — a Reddit-based discussion form dedicated to the meme cryptocurrency.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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