Dogecoin Drops As Cryptocurrency Market Battles Dollar Rise

Zinger Key Points
  • Dogecoin in the red along with major cryptocurrencies
  • Strong dollar casts pressure on crypto market
  • Dogecoin core release delayed until end-July due to bug fixes

Dogecoin DOGE/USD traded 2.4% lower at $0.07 over 24 hours leading up to early Wednesday.

The meme coin fell along with other major coins as the global cryptocurrency market cap declined 1.5% to $903.6 billion.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -2.4%
24-hour against Bitcoin -1.1%
24-hour against Ethereum -2.6%
7-day 4.5%
30-day -18.8%


YTD performance


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 Shiba Inu
  • The 24-hour Dogecoin trading volume rose 13.9% to $412,6 million, according to CoinMarketCap
  • Coinglass data indicates that $1.36 million worth of DOGE were liquidated as the price of the meme coin declined
  • The relative strength index of DOGE was at 48.01, according to TradingView data. An RSI of less than 30 is considered oversold, while above 70 the RSI indicates overbought conditions

Dollar Rise Eclipses Crypto

The strength exhibited by the U.S. dollar on Tuesday led to a fall in cryptocurrencies. The dollar index, a measure of the greenback’s strength against a basket of six international currencies, rose 1.3% after hitting the highest level since Dec. 2002. Cryptocurrency trader Justin Bennett said that “suppressed movement” could last for another 12-20 months for cryptocurrencies and stocks.

Dogecoin Core Release Postponed

Dogecoin core developer Patrick Lodder said in an update that the release of Core 1.14.6 has been postponed to later in July owing to bug fixing. 

“Based on the current scope of what needs to be addressed, I estimate that we need at most 2 weeks to get everything patched up, so that we have a good solution, rather than a duct tape solution that may fall apart at any time,” Lodder said on GitHub. 

DOGE Bulls Discuss Socks 

Dogecoin co-creator Billy Markus and Tesla Inc TSLA CEO Elon Musk entered into a discussion Tuesday on socks. Markus revealed that owns 30 pairs of gold-toe black socks so that he doesn’t have to find a match while doing laundry. Musk said he has a penchant for “creative socks.”

Read Next: 'Short-Bitcoin' Funds See Record $51M Inflows In A Week

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