Dogecoin – United States Dollar (CRYPTO:$DOGE), Tesla Motors, Inc. (NASDAQ:TSLA) – Why Is Dogecoin Deep In Red Today?

Dogecoin (CRYPTO: DOGE) traded 1.3% lower at $0.14 over 24-hours leading up to early Friday morning. 

DOGE fell alongside other major coins as the global cryptocurrency market cap declined 1.4% to $1.9 trillion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -1.3%
24-hour against Bitcoin 0.45%
24-hour against Ethereum 0.5%
7-day -5.2%
30-day 13.1%

YTD performance


See Also: Best Crypto Debit Cards

The Doge Factors

  • DOGE was among the most-mentioned coins on Twitter. It attracted 614 tweets, according to Cointrendz data. The three most-mentioned coins were XRP, Bitcoin, and Ethereum.
  • DOGE 24-hour trading volume declined 16.6% to $716.2 million, according to data from CoinMarketCap.
  • Data from Coinglass indicated that $3.69 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency declined.

Fed Speak A Downer For Cryptos

On Thursday, U.S. Federal Reserve Chair Jerome Powell said we’re  going to be raising rates and getting expeditiously to levels that are more neutral and then that are actually tight.” Statements made by Powell on the same day indicate that the Federal Reserve may opt for a more aggressive 50 basis points hike at its next policy meet.

Dogecoin Is Light

On Thursday, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk sighed heavily in reaction to a scammer that commented on one of his posts. The cryptocurrency scammer had advocated Dogecoin as a solution to Twitter Inc’s (NYSE: TWTR) spam problems while carrying out a giveaway scam. 

Crypto Holders Shifting From Bitcoin To Dogecoin CEO Steve Gregory said the company has noted a gradual shift from its users holding Bitcoin to meme coins such as Dogecoin.

DOGE On The Web

DOGE co-creator Billy Markus reacted to a tweet from Musk on Thursday. The entrepreneur said, “If our twitter bid succeeds, we will defeat the spam bots or die trying!”

Markus said he had only about 3000 actual human followers in response to Musk. Markus has a Twitter following of 1.3 million.

Markus said in a separate tweet that his account was now the 6969-th largest account on the Jack Dorsey-founded social media platform.

Dogecoin-oriented Youtuber Matt Wallace said that “Authentication based on Dogecoin transactions would be cool.”

Read Next: Bitcoin HODLers Clenching Their Moneybags Even As Stocks Plunge Is Remarkable, Says Analyst

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

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