Why is Dogecoin crashing so hard today?

doecoin DOGO/USD traded 11% lower at $0.06 during the 24 hours leading up to early Monday morning. DOGE price crashed along with other major coins as the global cryptocurrency market plunged 7.5% to $1.02 trillion.

Dogecoin Price Performance
Time frame % Change (+/-)
24 hours -11.2%
24 hours against Bitcoin -3.6%
24 hours against Ethereal -11.4%
7 days -29.8%
30 days -35.6%

performance to date


See also: How to get free cryptocurrencies

The DOGE factors

  • Data from CoinMarketCap indicated that 24-hour trading volume for DOGE increased 40.5% to $968.575 million.
  • More than $3.1 million worth of DOGE was liquidated over 24 hours as the price of the meme coin fell sharply, according to Coinglass.
  • DOGE was seen in “oversold” territory as its relative strength index fell to 22.76, according to Trading View.

Cryptocurrencies Crash After Inflation, Degrees Celsius Shocks

Major currencies fell over the weekend after inflation came in higher than analysts expected on Friday. DOGE is down nearly 30% in a seven-day period. The recovery of the apex coin during the new trading week could be slower due to the current environment, according to Edward MoyaSenior Market Analyst at OANDA.

On Sunday, cryptocurrency lending firm Celsius said it would suspend withdrawals, trades and transfers between accounts due to “extreme market conditions.” Ethereum reacted especially negatively to the news and the crypto market in general saw further weakness.

DOGE falls sharper

Dogecoin’s downward moves over the weekend have been sharper than the apex coin and the coin is in a confirmed downtrend, according to Melanie Schaffer of Benzinga. The meme coin will find resistance at $0.075 and the $0.083 mark if it bounces.

Doge co-creator version correlation

co-creator of Doge billy marcos he said that cryptocurrencies as a hedge for inflation is just “marketing nonsense”.

“People can bet on hypervolatile things when they have extra money and not when they don’t have money,” Markus said.

doge on the web

Dogecoin Developer patrick lodder posted an update on Reddit about the upcoming 1.14.6 release of the Dogecoin core on Sunday.

Lodder said he and a fellow developer were still working to “make sense” of the network tightening he addressed in a previous post as the release deadline approached.

“By far the most difficult aspect is taking the time to fully understand all the implications of the changes we are making and not rushing into code that we may later regret,” Lodder said.

In the meantime, several finished translations have been merged, according to the developer. Lodder said this was “amazing” because it would make Dogecoin more accessible to 384 million Shibes who speak multiple languages.

Read next: $100 invested in Dogecoin right now would be worth as much if it goes back to its all-time high

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