DOGE Daily: Market Remains Downbeat, Dogecoin 'Millionaire' Points To Silver Lining In Dark Clouds

Zinger Key Points
  • Dogecoin drops sharply along with major cryptocurrencies.
  • Indian Shibes face new cryptocurrency taxes.
  • Dogecoin 'millionaire' points to silver lining for meme coin holders despite cryptocurrency downturn.

Dogecoin DOGE/USD declined 5.4% to $0.065 over 24 hours leading up to early hours of Friday.

DOGE fell along with other major coins as the global cryptocurrency market cap dropped 4.1% to $859.3 billion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -5.4%
24-hour against Bitcoin -2.8%
24-hour against Ethereum -6.9%
7-day 2.4%
30-day -25%

YTD performance

-62.7%

See Also: How To Get Free NFTs

The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter at press time, according to Cointrendz. Bitcoin, Ethereum, and Solana were the three most-mentioned coins. DOGE was seen trending on the price-tracking website CoinMarketCap at press time
  • The 24-hour trading volume for DOGE fell 4.3% to $584.62 million at press time, according to CoinMarketCap.
  • Coinglass data indicated that $2 million worth of DOGE were liquidated over 24 hours as the price of the meme coin fell.
  • Dogecoin’s relative strength index was at 45.21, according to TradingView. An RSI of below 30 indicates oversold conditions, while above 70 it implies an asset is overbought

Cryptos Face Ugly Plunge 

On Thursday, OANDA Senior Market Analyst Edward Moya said Bitcoin is vulnerable to yet another “ugly plunge” and could fall towards the $10,000 mark. Chartist Ali Martinez said Ethereum could sink down to $600 to $700 levels.

More Taxes For Indian Shibes

Beginning July 1, India will impose a 1% tax deducted at source on all cryptocurrency and non fugible token (NFT) transactions. The tax will apply on transactions of more than INR 10,000 ($126). The Indian authorities have already imposed a 30% tax on profits emanating from cryptocurrency trading.

Doge On The Web

Dogecoin co-creator Billy Markus warned investors about funding the unicorn success stories of others while extending his message to cryptocurrencies. He warned that “for every success story, there are hundreds of failures.”

Dogecoin “millionaire” Glauber Contessoto noted that — unbelievable as it is — 52% of DOGE holders are in profit. 

Read Next: 'Rich Dad Poor Dad' Author Says Inflation Is 'Fake,' Has This Solution For Government

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