Dogecoin DOGE/USD traded 7.4% higher at $0.07 in the early hours of Thursday amid heightened interest in meme coin seen on Twitter's social media platform.
DOGE rose along with other major coins as the global cryptocurrency market cap increased 4.5% to $1.1 trillion.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||0.1%|
|24-hour against Ethereum||7.3%|
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The DOGE Factors
- DOGE was among the most-mentioned coins on Twitter over 24 hours, according to Cointrendz data. The three most-mentioned coins at press time were Bitcoin, Ethereum, and XRP.
- The 24-hour trading volume for DOGE fell 6.9% to $566.9 million, according to CoinMarketCap.
- Coinglass data indicated that $1.22 million worth of DOGE was liquidated over 24 hours as the price of the meme coin increased.
- DOGE’s relative strength index was at 57.62 at press time, according to TradingView. An RSI of over 70 indicates an asset is overbought while RSI under 30 implies it is oversold.
Crypto Could Benefit From Strong Stocks, Weak Dollar
Cryptocurrencies could benefit from the S&P 500 breakout, according to the trader Justin Bennett. Fellow cryptocurrency trader Michaël van de Poppe said Tuesday that the weakness of the dollar could “put more strength” into cryptocurrencies.
Binance Savings Kicks Up Storm
Binance announced a savings promotion on Tuesday which offers a “welcome bonus” geared toward new users. The feature extended to DOGE and some in the community are less than pleased with the move from the largest spot exchange in the world.
DOGE On The Web
"#dogecointothemoon" trended early Wednesday on Twitter, clocking thousands of tweets.
Dogecoin Foundation Director Timothy Stebbing posted a picture of his truck and wondered if it could be transformed into a 4x4 offroad Dogecoin node.
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