Dogecoin (CRYPTO: DOGE) traded 2.6% higher at $0.07 over 24 hours leading up to early Friday morning
DOGE traded higher alongside other major coins as the global cryptocurrency market cap rose 4.2% to $1.1 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 2.6% |
| 24-hour against Bitcoin | 6.4% |
| 24-hour against Ethereum | 1.2% |
| 7-day | 1.8% |
| 30-day | 9% |
|
YTD performance |
-58.8% |
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The DOGE Factors
- Dogecoin’s 24-hour trading volume rose 31.3% to $712.94 million, according to CoinMarketCap.
- Coinglass data showed that $1.22 million worth of Dogecoin were liquidated over 24 hours as the price of the memecoin rose.
- Dogecoin’s relative strength index was at 58.08 at press time, according to TradingView. An RSI below 30 indicates an asset is oversold, while above 70 it is considered overbought.
Recession Fears Ignored By Crypto Rally
Advance estimates indicate that the U.S. GDP shrank by 0.9% in the second-quarter compared with an analyst's expectations of a 0.5% gain. The decline could be considered as a signal of recession. Crypto markets on Thursday evening largely shrugged off the data and continued to rise.
“Risk appetite roaring back after a second consecutive contraction for the U.S. economy raises the chances that the Fed could be looking to tighten at a softer pace at the next policy meeting in September,” said Edward Moya, a senior market analyst for OANDA.
DOGE On The Web
Dogecoin co-creator Billy Markus questioned whether there was a recession as the “goalposts keep moving.”
“One thing is for sure - we were in “hyper delusional free money” and we aren’t anymore,” tweeted Markus.
are we in a recession?
— Shibetoshi Nakamoto (@BillyM2k) July 29, 2022
well the goalposts keep moving for that so who knows in terms of the formal definition. but one thing is for sure - we were in “hyper delusional free money” and we aren’t anymore
Meanwhile, DOGE-bull and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said on Twitter that “inflation might be trending down.”
Inflation might be trending down
— Elon Musk (@elonmusk) July 29, 2022
Markus said in response to Musk that cryptocurrency and markets are “dying” while prices of food, shelter and transportation are rising.
the stock and crypto markets dying while necessities of food, shelter, and transportation were getting exponentially more expensive wasn’t good times
— Shibetoshi Nakamoto (@BillyM2k) July 29, 2022
so would be cool if everything could get cheaper while the markets recover
“So would be cool if everything could get cheaper while the markets recover.”
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