Dogecoin Drops Sharply: Are Recent Crypto Rallies Bound To Fade Away?
Benzinga
Published Jun 28, 2022 18:48
Updated Jun 28, 2022 19:40
Dogecoin Drops Sharply: Are Recent Crypto Rallies Bound To Fade Away?
Dogecoin (CRYPTO: DOGE) dropped 7.6% to $0.07 over 24 hours leading up to early Tuesday.
DOGE dropped along with other major coins as the global cryptocurrency market cap decreased 2% to $932.9 billion.
| 24-hour | -7.6% |
| 24-hour against Bitcoin | -6% |
| 24-hour against Ethereum | -7.8% |
| 7-day | 15.9% |
| 30-day | -12.5% |
|
YTD performance
|
-59% |
The DOGE Factors
- DOGE was among the most mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz data. The three most mentioned coins were Bitcoin, USDD, and Ethereum. Dogecoin was seen trending on CoinMarketCap at press time.
- The 24-hour trading volume for DOGE declined 33.9% to $773.855 million, according to CoinMarketCap.
- Coinglass data indicated that $3 million worth of DOGE were liquidated as the price of the meme coin fell.
- DOGE’s relative strength index stood at 51.26, according to data from TradingView. A RSI of below 30 indicates oversold conditions, while above 70 it indicates overbought conditions.
Meanwhile, the correlation between cryptocurrencies and stocks continues to be strong, while the latter are affected once again by broader macroeconomic headwinds.
Large DOGE Transactions Surge DOGE saw a 118% rise in transactions with a minimum value of $100,000, according to a prior report. Over the past week, the DOGE network recorded $887 million worth of large transactions as its price rallied 20%.
DOGE On The Web Over the last seven days, Bitcoin has declined 1.1%, while ETH has managed gains of 3.55%, while DOGE is nearly up 16%.
Dogecoin Foundation artist Dogememegirl illustrated DOGE’s recent strength in a meme on Twitter.
#doge #dogecoin #DogecoinToTheMoon pic.twitter.com/iQPNwN1XES— Dogememegirl
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Written By: Benzinga
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