Dogecoin (DOGE) Drops As Nervousness Persists

Zinger Key Points
  • Dogecoin dropped ahead of key CPI data release on Wednesday
  • DOGE co-creator takes a dig at Galaxy Digital CEO Michael Novogratz
  • Official Dogecoin Twitter handle wants to know: Wen Doge Tips?

Dogecoin DOGE/USD traded 2.05% lower at $0.06 over 24 hours leading up to the early hours of Wednesday.

DOGE fell in tandem with other major coins as the global cryptocurrency market cap declined 1.5% to $873.1 billion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -2.05%
24-hour against Bitcoin -0.4%
24-hour against Ethereum -2.2%
7-day -9.7%
30-day 4.2%

YTD performance


See Also: How To Get Free NFTs

The DOGE Factors

  • DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz
  • The 24-hour Dogecoin trading volume fell 5.15% to $302.3 million, according to CoinMarketCap
  • Coinglass data showed that $1.11 million worth of DOGE were liquidated over 24 hours as the price of the meme coin dropped
  • DOGE’s relative strength index stood at 39.85, according to TradingView. If an asset has an RSI below 30 it is considered oversold. RSI over 70 is thought to make an asset overbought

Cryptos Keep Dropping

Cryptocurrencies, including DOGE, continued to bleed ahead of key inflation data to be released on Wednesday.

“The June inflation report will be a scorcher and help cement market expectations that the Fed will deliver another massive rate hike at the Fed policy meeting at the end of the month,” said Edward Moya, a senior market analyst at OANDA. 

NFTs Should Emrbace Being Useless

Dogecoin co-creator Billy Markus said Tuesday that non fungible tokens or NFTs should embrace being “useless” collectibles instead of trying to morph into “useful investment opportunities.” Markus said he likes collectibles, but it is the investment vehicle label that makes stuff boring. 

Wen DOGE Tips?

Dogecoin’s official handle tagged Twitter Inc TWTR in a post and asked the social media company when Dogecoin tips would be coming to the platform. Twitter already allows its users to tip in Bitcoin and Ethereum, but such functionality doesn’t officially exist for DOGE yet.

DOGE On The Web

Markus took a dig at Galaxy Digital CEO Michael Novogratz and his Terra (LUNA) tattoo. He tweeted, “protip: don’t get crypto or NFT tattoos.”

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