Dogecoin Daily: Recession Fears Grip Investors, Kid Shows The Way On DOGE Adoption And More
Dogecoin DOGE/USD traded 5.2% lower at $0.06 over 24 hours leading up to the early hours of Tuesday.
DOGE was seen declining with other major coins as the global cryptocurrency market cap dropped 3.7% to $971 billion at press time.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||-1.6%|
|24-hour against Ethereum||1.5%|
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The DOGE Factors
- DOGE was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and XRP.
- The 24-hour trading volume for Dogecoin fell 1.2% to $413.675 million at press time, according to CoinMarketCap.
- Coinglass data indicate that $1.5 million worth of DOGE were liquidated over 24 hours as the price of the memecoin fell.
- Dogecoin’s relative strength index was at 40.55, according to TradingView. An asset with RSI less than 30 is considered to be oversold, while above 70 it is considered overbought.
Recession Fears Grip Risk Assets
Major coins, including DOGE, declined Monday evening amid rising fears of a recession as a key U.S. Federal Reserve policy meeting looms ahead. However, cryptocurrency trader Michaël van de Poppe said that the “wost is already heavily priced in.”
DOGE On The Web
Dogecoin Foundation Director Timothy Stebbing recently shared a post from a family blog featuring a child selling snow cones at a garage sale and accepting DOGE.
Stebbing was praises for the child and also had some tongue-in-cheek advice. Stebbing posted, “What a legend! Kid has a bright future (don’t eat the yellow snowcones )”
— Scott Reinfeld (@ScottReinfeld) July 23, 2022