Dogecoin DOGE/USD was trading down 4.3% to $0.07 in the early hours of Tuesday.
DOGE declined along with other major coins, with the global cryptocurrency market capitalization dropping 3.1% to $1.05 trillion at press time.
| Time range | % change (+/-) |
|---|---|
| 24 hours | -4.3% |
| 24 hours against Bitcoin | -2.7% |
| 24 hours against Ethereum | 1.7% |
| 7 days | 7.35% |
| 30 days | 0.7% |
|
Cumulative performance since the beginning of the year
|
-61.6% |
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DOGE factors
- The 24-hour trading volume for DOGE fell 15.75% to $415.68 million at press time, according to CoinMarketCap.
- Data from Coinglass indicated that $1.16 million worth of DOGE was liquidated in 24 hours as the price of the meme coin fell.
- Dogecoin’s Relative Stress Index was 48.34 at press time, according to TradingView. An asset with an RSI below 30 is considered oversold, while if it has an RSI above 70, it is considered overbought.
Crypto Could See “One Last Step”
Cryptocurrencies could see “one last little leg up” before “things get risky again,” according to Justin Bennett. The cryptocurrency trader said the $1.15 trillion level is the one to watch in terms of total market cap. The analyst said that for now, the total market capitalization is above the $1.05 trillion mark.
DOGE continues to consolidate
Cryptocurrency meme has been seen printing an inner double bar pattern as it consolidated on Monday, according to Benzinga’s Melanie Schaffer. The coin meme could form a bullish flag pattern on its daily chart, according to Schaffer. The cryptocurrency has resistance above the $0.083 mark and just below the $0.10 mark. There is support for DOGE between the $0.065 and $0.057 levels.
A Familiar Crypto Market
Co-creator of Dogecoin Billy Marcus commented, ironically, that the booming cryptocurrency market was one he was familiar with.
ahh, there is the crypto market i know
—Shibetoshi Nakamoto (@BillyM2k) August 2, 2022
DOGE on the Web
Dogecoin-oriented Twitter handle Mishaboar expressed agreement with Ethereum co-creator Vitalik Buterin by calling the scammers. Markus also interacted with Buterin about it and shared his opinion on the matter.
I agree. After proper research, of course. https://t.co/UptY3s9iIl
— Mishaboar (@mishaboar) August 2, 2022
Dogecoin Foundation Director Timothy Stebbing reflected on the regular “crypto-bro/ICO” scene and said open source developers were building “a legit, [decentralized] replacement of global financial hegemony, without a “revenue model”, just a bunch of hopes and dreams that cannot be calculated.
People are so familiar with the usual crypto-bro/ICO scene that a rambling group of open-source developers building a legitimate, decentralized replacement for global financial hegemony, with no “revenue model”, just a bunch of hopes and of dreams does not calculate.
Sorry Boromir, we are! pic.twitter.com/Ecswn9H06t— Timothy Stebbing (@tjstebbing) August 2, 2022
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