Dogecoin (CRYPTO: DOGE) traded nearly flat at $0.06 over 24 hours leading up to early Thursday morning.
DOGE saw minimal movement while other major coins traded slightly in the green at press time. The global cryptocurrency market cap registered a 2.4% increase to $892.7 billion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -0.1% |
| 24-hour against Bitcoin | -2.5% |
| 24-hour against Ethereum | 0.02% |
| 7-day | -11% |
| 30-day | 5% |
|
YTD performance |
-64.9% |
See Also: How To Get Free Crypto
The DOGE Factors
- DOGE was not among the most-mentioned coins on Twitter at press time, according to Cointrendz
- The 24-hour trading volume for DOGE rose 45.7% to $440.21 million at press time, according to CoinMarketCap
- Coinglass data indicated that $2.25 million worth of DOGE were liquidated over 24 hours as the price of the meme coin remained largely unchanged
- DOGE’s relative strength index stood at 40.4 at press time. An RSI of below 30 is considered to make an asset oversold, while one above 70 is thought to put it in overbought territory
Cryptos Surge After Hot Inflation Report
Cryptocurrencies, including DOGE, surged after inflation came in higher than expected in June. Consumer Price Index rose 9.1% year-over-year in the month against an expectation of 8.8% rise. The apex coin could benefit from a Wall Street fully factoring in the coming rate hikes by the U.S. Federal Reserve, said Edward Moya, a senior market analyst with OANDA.
DOGE Co-Creator Recommends Karl Marx
Dogecoin co-creator Billy Markus said it was “awesome” that everyone is “way poorer” but demand still exceeds supply so we are “both poorer and things cost a lot more.”
Markus’ comments came on the same day as the highest inflation figures in nearly 40 years.
Jackson Palmer, the other co-creator of DOGE recommended books on the topic in Markus’ Twitter thread.
Have some good book recs on the topic if you're interested.
— Jackson Palmer (@ummjackson) July 13, 2022
Palmer recommended Karl Marx’s “Capital: A Critique of Political Economy, Volume 1” and Mark Fisher’s “Capitalist Realism: Is There No Alternative?”
Well, you can start here: https://t.co/lmKabcql10
— Jackson Palmer (@ummjackson) July 13, 2022
...and here is something a little more recent (and shorter): https://t.co/fGyFnmvQuP
Read Next: Edward Snowden Says 'We Are All Going To Be Billionaires' But...
