Dogecoin Daily: Crypto Reacts To Record Inflation Numbers, Co-Creator Recommends Reading Karl Marx

Dogecoin DOGE/USD traded nearly flat at $0.06 over 24 hours leading up to early Thursday morning.

DOGE saw minimal movement while other major coins traded slightly in the green at press time. The global cryptocurrency market cap registered a 2.4% increase to $892.7 billion.

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The DOGE Factors

• DOGE was not among the most-mentioned coins on Twitter at press time, according to Cointrendz
• The 24-hour trading volume for DOGE rose 45.7% to $440.21 million at press time, according to CoinMarketCap
• Coinglass data indicated that $2.25 million worth of DOGE were liquidated over 24 hours as the price of the meme coin remained largely unchanged
• DOGE’s relative strength index stood at 40.4 at press time. An RSI of below 30 is considered to make an asset oversold, while one above 70 is thought to put it in overbought territory

Cryptos Surge After Hot Inflation Report

Cryptocurrencies, including DOGE, surged after inflation came in higher than expected in June. Consumer Price Index rose 9.1% year-over-year in the month against an expectation of 8.8% rise. The apex coin could benefit from a Wall Street fully factoring in the coming rate hikes by the U.S. Federal Reserve, said Edward Moya, a senior market analyst with OANDA. 

DOGE Co-Creator Recommends Karl Marx

Dogecoin co-creator Billy Markus said it was “awesome” that everyone is “way poorer” but demand still exceeds supply so we are “both poorer and things cost a lot more.” 

Markus’ comments came on the same day as the highest inflation figures in nearly 40 years. 

Jackson Palmer, the other co-creator of DOGE recommended books on the topic in Markus’ Twitter thread.

Palmer recommended Karl Marx’s “Capital: A Critique of Political Economy, Volume 1” and Mark Fisher’s “Capitalist Realism: Is There No Alternative?”

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