As of Friday, the popular meme-coin DOGE stood at $0.07. Elon Musk’s favorite coin was trading lower alongside larger coins as the global cryptocurrency market cap reached $1.15 trillion dropping by 1.7%.
The Cointrendz revealed that DOGE was one of the most-mentioned coins on Twitter. Bitcoin, Ethereum and XRP, were the three most discussed coins on the platform. Cointrendz is an All-In-One Crypto Dashboard. It deploys numerous tools to monitor & maintain the lead in the fast-paced Crypto Market.
Furthermore, the data from CoinMarketCap shows that the 24-hour trading volume for DOGE increased by 16.4% reaching $519.44 million. And, according to Coinglass, DOGE, worth $1.53 million, was liquidated over 24 hours as the price of meme-token dropped. Moreover, TradingView shows the relative strength index of Dogecoin was around 57.31. If the RSI of an asset is more than 70, it means it is overbought while a RSI of below 30 indicates that the asset is oversold.
Traders Remain Bullish Even After The Rally Fades
As of Thursday evening, the recent crypto rally prompted by the inflating numbers in July started deteriorating. However, the traders continue to be bullish. Michaël van de Poppe, a trader based in Amsterdam, stated that the top cryptocurrency can touch $30,000 and the top altcoin can reach $2,500.
Cryptocurrencies are Acting as if Still in 2021
Commenting on the recent price movements in cryptocurrencies, Billy Markus, the co-creator of DOGE, said cryptocurrencies are behaving as if they are still in 2021. The price of DOGE had experienced a major increase of 35559.5% in that year.
What’s New For DOGE?
A DOGE-oriented Twitter handle called Mishabor has proposed graphic designers to help Loladam, a DOGE developer. Loladam is currently working on a Simplified Payment Verification (SPV) wallet. As per Mishabor, the wallet is only operational through the terminal. SPV wallets are believed to be a good match for devices like smartphones, but aren’t resource-intensive.
Source: https://www.thecoinrepublic.com/2022/08/13/doge-price-declines-traders-continue-to-remain-bullish-on-crypto-assets/