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.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||0.5%|
|24-hour against Ethereum||-2%|
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.
I literally don’t buy the dip for the first time since last year on 3 of the lowest months of crypto which are apparently the bottom and then everything just bounces back wtf man
— SlumDOGE Millionaire (@ProTheDoge) August 2, 2022