Dogecoin (CRYPTO: DOGE) traded 0.2% lower at $0.08 over 24 hours leading up to early Thursday morning.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||0.3%|
|24-hour against Ethereum||-0.2%|
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The DOGE Factors
- DOGE wasn’t one of the most mentioned coins on Twitter at press time, according to Cointrendz.
- The 24-hour trading volume for DOGE fell 35% to $274.60 million, according to CoinMarketCap.
- Data from Coinglass showed that $379,010 worth of DOGE was liquidated over 24 hours as the meme coin traded flat.
- Dogecoin’s relative strength index was 39.85 at press time. An RSI below 30 indicates oversold conditions, while over 70 it indicates overbought conditions.
Major Cryptocurrencies Remain Rangebound
Major coins, including DOGE, remain rangebound while exciting price action shifts to a select number of altcoins. Meanwhile, new legislation in the U.S. would classify Bitcoin and Ethereum as commodities and give the Commodities Futures Trading Commission powers to regulate them.
A Key Date To Watch Out
DOGE has undergone a long period of consolidation and could be setting up a symmetrical triangle pattern on its daily chart, according to Benzinga’s Melanie Schaffer. This pattern emerges during periods of lower-than-average volume and is an indicator of consolidation.
The meme coin is set to ascend to the apex of the triangle on June 20 and traders can watch for future movement cues on or before that date, wrote Schaffer.
Dogecoin Sister’s Delisting Awful
Mishaboar said that the update introduces a privacy-focused protocol and improves scalability and while the action of the exchange was expected it is still “awful.”
The news that #Dogecoin's "sister" coin, #Litecoin, is being delisted by major South Korean exchanges after their MimbleWimble update, which introduced a privacy-focused protocol (which also introduces drastic improvements in scalability), was expected, but still awful.— Mishaboar (@mishaboar) June 8, 2022
Notably, Dogecoin can be merge-mined with Litecoin. This came into being in 2014 after Litecoin creator Charlie Lee suggested that DOGE be merge-mined with any Scrypt coin.
DOGE On The Web
Dogecoin co-creator Billy Markus castigated purported crypto elitists on Twitter on Wednesday. He told his following on the platform that, in 2021, crypto elitists had warned that regulation would arrive due to DOGE and real DeFi projects are going to suffer.
“In 2022 regulation is coming not cuz of dogecoin, but because of DeFi bullshit,” said Markus.
remember how in 2021 the crypto elitists were all like “regulation is gonna come because of dogecoin! and real DeFi projects are gonna suffer!”— Shibetoshi Nakamoto (@BillyM2k) June 8, 2022
then in 2022 regulation is coming not cuz of dogecoin, but because of DeFi bullshit