Why Is Dogecoin Crashing Today?

Benzinga

Published Jun 02, 2022 13:16

Updated Jun 02, 2022 14:12

Why Is Dogecoin Crashing Today?

Dogecoin (CRYPTO: DOGE) traded 5.4% lower at $0.08 over 24 hours leading up to early Thursday.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour -5.4%
24-hour against Bitcoin -0.02%
24-hour against Ethereum -5.5%
7-day 0.6%
30-day -38.1%
YTD performance

 -53.1%
See Also: How To Get Free NFTs

The DOGE Factors

  • DOGE was not among the most mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz.
  • Dogecoin’s 24-hour trading volume rose 23.1% to $794.98 million, according to CoinMarketCap data.
  • Coinglass figures show that $2.4 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
  • DOGE’s relative strength index stood at 38.19 at press time. RSI below 30 indicates oversold conditions, while RSI over 70 indicates overbought conditions.
Cryptocurrencies Decline Sharply Dogecoin and other cryptocurrencies declined sharply on Wednesday evening following downwards momentum in stocks. Equities came under pressure after San Francisco Federal Reserve President Mary Daly said she supports raising rates aggressively until inflation can be contained.

DOGE Co-creator On Blockchains Billy Markus, the co-creator of DOGE, on Thursday said blockchains that are not decentralized don’t “have any reason or need to exist.”

Notably, on Wednesday, Solana’s blockchain was halted for four hours after validators reported a bug.

DOGE On The Web DOGE-oriented Twitter handle Mishaboar noted that Binance has finally provided a link to Dogecoin wallet containing proof of assets for their BSC-DOGE token.

The revelation also led to the discovery by the Dogecoin Italia handle that Binance held the second-richest Dogecoin wallet.

Markus said it was “amusing” how Binance CEO Changpeng Zhao was spreading FUD about DOGE being centralized when Binance held the second-largest one.

Read Next: Crypto Billionaire Joins Elon Musk, Bill Gates In Pledging Majority Of Wealth To Charity

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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