Dogecoin (CRYPTO: DOGE) traded 7% higher at $0.07 over 24 hours leading up to early Thursday.
DOGE moved higher in tandem with other major coins as the global cryptocurrency marketcap shot up 8.4% to $1.06 trillion.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin||-2.15%|
|24-hour against Ethereum||-5.9%|
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The DOGE Factors
- DOGE was not amont the most-mentioned coins on Twitter at press time, according to Cointrendz data. However, it was seen trending on CoinMarketCap at press time.
- The 24-hour Dogecoin trading volume rose 42.45% to $544.8 million at press time, according to CoinMarketCap.
- Coinglass data indicated that $851,040 worth of DOGE were liquidated over 24 hours as the price of the meme coin increased.
- The relative strength index of DOGE was 50.62 at press time, according to TradingView. An asset with a RSI of over 70 is said to be overbought, while, if its RSI is under 30, it is said to be oversold.
Cryptos Strong After Rate Hike
A key policy meeting of the U.S. Federal Reserve ended on Wednesday after which the central bank announced a 75 basis points interest rate hike. However, Federal Reserve Chair Jerome Powell said as the monetary policy tightens further it will likely become appropriate to slow the pace of such rate hikes. Cryptocurrencies, including DOGE, rose after the comments by Powell along with other risk assets like stocks.
Dogecoin Vs. Bitcoin
Dogecoin Foundation Director Timothy Stebbing took a dig at Bitcoin on Thursday saying while DOGE is still “find it’s feet” as a real currency, Bitcoin has “gone down another path.”
Stebbing said in a Twitter thread alluding to the apex coin that a currency that is finding its feet for a time may “become a well performing speculative asset” as it garners adoption but then settles into its role.
- So a currency finding its feet may for a time become a well performing speculative asset.. as it gains adoption, but then settles into its role.— Timothy Stebbing (@tjstebbing) July 28, 2022
- But something that's become established as a real 'store of value' must start to devalue to become a currency, or stop pretending.
“But something that's become established as a real 'store of value' must start to devalue to become a currency, or stop pretending.”
Stebbing said while Dogecoin “is delivering on Satoshi's vision of a useful currency for the people, while BTC fell for the honeypot.” He questioned the status of the apex coin as a store of value or its utility as currency.
This will piss a lot of people off, but #dogecoin is delivering on Satoshi's vision of a useful currency for the people, while BTC fell for the honeypot. I believe most BTC #HODLrs don't want to get out, so what are you #BTC ? Store of value or currency? you can't be both. pic.twitter.com/pmT6H6M3iW— Timothy Stebbing (@tjstebbing) July 28, 2022