Dogecoin Daily: Memecoin Sees Some Green, 'Millionaire' Regrets Not Buying The Dip

Zinger Key Points
  • Dogecoin turns green along with other major coins
  • Memecoin's 24-hour trading volume dips Wednesday morning
  • Community notices a ponzi scheme while investigation high transaction volumes in July

Dogecoin DOGE/USD rose 0.9% to $0.07 over 24 hours leading up to the early hours of Wednesday.

DOGE traded higher along with major coins as the global cryptocurrency market cap increased 1.3% to $1.07 trillion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour 0.9%
24-hour against Bitcoin 0.5%
24-hour against Ethereum -2%
7-day 7.2%
30-day 1.1%

YTD performance


See Also: How To Get Free Crypto

The DOGE Factors

  • The 24-hour trading volume for Dogecoin fell 20.9% to $325.12 million, according to CoinMarketCap.
  • Coinglass data indicated that $509,400 worth of DOGE was liquidated as the price of the meme cryptocurrency rose.
  • Dogecoin’s relative strength index was at 49.94 at press time, according to TradingView. RSI below 30 indicates that an asset is oversold, while RSI above 70 signals it is overbought.

Macroeconomic Fundamentals Back In Focus

OANDA Senior Market Analyst Craig Erlam said the apex cryptocurrency’s movement will probably “ultimately depend on inflation.” Cryptocurrency trader Justin Bennett noticed the movement of the dollar index and said until the time measure of the greenback’s strength doesn’t fall from the support levels at 105 “tough times for risk assets” will remain in place. 

Dogecoin Community Discover A Ponzi Scheme

The Dogecoin community noticed an escalation in transactions in July and figured out it was spam. A trace of the transactions led the community members to an operation involving a Ponzi scheme involving offers of suspiciously high hourly returns.

DOGE On The Web

"Dogecoin Millionaire” Glauber Contessoto said he should have purchased dips on all his cryptocurrency holdings. 

Read Next: BREAKING: Solana Ecosystem Hack Sees $580M Drained From Private Wallets...So Far

Editor's Note: This story's headline was corrected to clarify "Dogecoin 'Millionaire' Regrets Not Buying The Dip Regrets Not Buying The Dip."

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsdogecoinMeme Coins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!