Dogecoin Shoots Up After Fed Rate Hike

Dogecoin DOGE/USD spiked nearly 13% to $0.06 over 24 hours leading up to early Thursday.

DOGE rose in conjunction with other major coins as the global cryptocurrency market cap rose 5.1% to $941.7 billion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour 13%
24-hour against Bitcoin 9.7%
24-hour against Ethereum 11.7%
7-day -26.4
30-day -28.4%

YTD performance


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The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter, according to Cointrendz data. The three most-mentioned coins were Bitcoin, Ethereum, and Cardano at press time
  • The 24-hour Dogecoin trading volume rose 34.8% to $971.25 million, according to CoinMarketCap.
  • Coinglass data indicated $2.15 million worth of DOGE was liquidated over 24 hours as the price of the meme coin spiked.
  • DOGE’s relative strength index stood at 31.14 — just above the “oversold” mark, according to Trading View.

DOGE Ahead Of Crypto Pack

Cryptocurrencies reacted positively and in line with stocks to the U.S. Federal Reserve raising interest rates by 0.75% on Wednesday. This is the largest such hike in 28 years. DOGE’s intraday gains were significantly higher than other major coins. Even so, risk appetite and investor sentiment remained diminished.

Jackson Palmer Takes A Swipe At Crypto VCs

Dogecoin co-creator Jackson Palmer took a swipe at venture capitalists, particularly Marc Andreessen, the co-founder of Andreessen Horowitz. Palmer’s comments came as Andreessen struggled to explain Web3 use cases in a recent interview.

DOGE On The Web

Dogecoin Foundation said Wednesday that its new website was ready for community preview. The Foundation shared a link where the upcoming website can be viewed. The preview features a black space background and a globe with the words “Dogecoin” emblazoned on the top. The choice of font for the website appears to be Comic Neue, a reinterpretation of Comic Sans.

Inevitable360, a developer at the Foundation, can be contacted by volunteers who want to contribute to the website.

The Foundation said its translations are not in place yet and there are still some minor issues with mobile.

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