DOGE Daily: Market Goes All Red Again But Dogecoin Foundation Director Hopeful Of Bright Future

Zinger Key Points
  • Doge trades in green after rally in meme coin loses steam
  • Doge network activity registered an increase in last 10 days says Santiment
  • Dogecoin Foundation Director Timothy Stebbing hopeful of a bright future for Shibes
DOGE Daily: Market Goes All Red Again But Dogecoin Foundation Director Hopeful Of Bright Future

Dogecoin DOGE/USD traded 2.7% lower at $0.064 over 24 hours leading up to Thursday morning.

The global cryptocurrency market cap declined 3.9% to $861.9 billion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -3.2%
24-hour against Bitcoin 1.6%
24-hour against Ethereum -2.3%
7-day 0.68%
30-day -24.8%

YTD performance


See Also: How To Get Free Crypto

The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and XRP at press time.
  • The 24-hour DOGE trading volume rose 25.8% to $635 million, according to CoinMarketCap data.
  • Coinglass data showed that $2.8 million worth of DOGE was liquidated over 24 hours as the price of the meme cryptocurrency saw volatility.

Inflation Back In The Spotlight 

Risk assets are once again under pressure as investors worry about the Federal Reserve delivering a “soft landing.” Cryptocurrency trader Justin Bennett said the total cryptocurrency market cap could slip down to the $700-$730-billion levels — a downside of 19% to 22% from the current levels.

Increased DOGE Network Activity

Santiment said Wednesday that the Dogecoin network appears to be showing an increase in network activity. The market intelligence platform tweeted that over the last 10 days DOGE network activity has risen 32%.

The Director Is Optimistic On DOGE Future

Dogecoin Foundation director Timothy Stebbing said the future for the DOGE community is “brighter than ever” now that former hurdles are being cleared. Stebbing tweeted that he’s “impressed by the calibre of people we have on our side.”

DOGE On The Web

DOGE co-creator Billy Markus said crypto winters are a time when people begin to understand the true nature of cryptocurrencies. 

“Maybe since the extreme greed has stopped infecting people’s brain cells, they can have a more rational view of the space,” Markus said in a Twitter thread.

Read Next: Barry Silbert's Grayscale Sues SEC For Rejecting Spot Bitcoin ETF Proposal

Posted In: dogecoinMeme Coinswhy it's movingCryptocurrencyNewsMarkets

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