Dogecoin (CRYPTO: DOGE) traded 9.6% lower at $0.14 over 24 hours leading up to early Wednesday morning.
DOGE fell alongside other major coins as the global cryptocurrency market cap declined 4.4% to $1.8 trillion.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||-5.4%|
|24-hour against Ethereum||-5.7%|
The DOGE Factors
- Dogecoin was noted trending on both CoinMarketCap and CoinGecko price tracking websites at press time.
- DOGE was among the most mentioned coins on Twitter. It attracted 2,810 tweets at press time, according to Cointrendz data. The three most mentioned coins were XRP, Bitcoin, and Ethereum.
- The 24-hour trading volume for Dogecoin fell 41.7% to $3.73 billion at press time, according to CoinMarketCap.
- Data from Coinglass showed that $25.54 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency declined at press time
Wall Street Risk Aversion
Bitcoin traded lower on Tuesday as risk aversion returned to Wall Street, according to Edward Moya, a senior market analyst with OANDA. Other major cryptocurrencies were also seen trading lower, including DOGE.
DOGE transactions Soar
The number of large transactions, worth more than $100,000, on the Dogecoin network, touched a fourth-month high at 2,400, according to the chartist Ali Martinez.
“Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move,” said Martinez.
Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb
— Ali Martinez (@ali_charts) April 26, 2022
DOGE Still Looks Awful — A Wrong Call?
Cryptocurrency trader Justin Bennett tweeted Tuesday that “Doge looks awful” was the wrong call in the short term.
The reply guys had a field day with it. Thank goodness for them. Otherwise, I might never know when I’m wrong,” said the analyst. “A lot of unnecessary drama for yet another bull trap.”
Two days ago, I said $DOGE looks awful.
It was obviously the wrong call in the short term.
The reply guys had a field day with it. Thank goodness for them. Otherwise, I might never know when I’m wrong.
— Justin Bennett (@JustinBennettFX) April 26, 2022
Twitter Scambots, Dogecoin And Elon Musk
Marcus Sotiriou, an analyst with the United Kingdom-based digital asset broker GlobalBlock, said — in a note seen by Benzinga — that it is unclear what Tesla Inc (NASDAQ: TSLA) CEO Elon Musk will do differently to tackle scam bots on Twitter Inc’s (NYSE: TWTR) platform.
“Scam bots are clearly a key issue that is having a significant impact, so Musk will be under pressure to tackle this problem,” said Sotiriou.
On Dogecoin’s rise Sotiriou said, “Speculators have been buying Dogecoin due to Elon’s obsession with the cryptocurrency, and hence the potential for Dogecoin to be given more utility on one of the biggest social media networks once Elon has official control of the company.”
Doge On The Web
Dogecoin posted a tumbleweed meme and said “here are all the good reasons why [Dogecoin] is not part of the [Twitter] crypto tip jar feature.
— Shibetoshi Nakamoto (@BillyM2k) April 26, 2022
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.