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Benzinga
Benzinga
Business
Shivdeep Dhaliwal

Dogecoin Daily: Price Jumps As Inflation Concerns Ease, But Co-Founder Asks If It's Just 'Delusional Optimism'

Dogecoin (CRYPTO: DOGE) rose nearly 6% to $0.07 over 24 hours leading up to early Thursday morning.

DOGE rose alongside major coins as the global cryptocurrency market cap shot up 7.15% to $1.2 trillion.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour 5.9%
24-hour against Bitcoin -1.1%
24-hour against Ethereum -6.2%
7-day 14.8%
30-day 4.35%

YTD performance

-58.2%

See Also: How To Get Free NFTs

The DOGE Factors

  • Dogecoin was not among the most-mentioned coins on Twitter at press time, according to Cointrendz.
  • The 24-hour DOGE trading volume fell 30.7% to $443.98 million at press time, according to CoinMarketCap.
  • Coinglass data showed that $798,800 worth of DOGE was liquidated over 24 hours as the price of the meme coin rose.
  • Dogecoin’s relative strength index was at 59.23 at press time, according to TradingView. An asset with RSI over 70 is considered overbought while an RSI of less than 30 indicates it is oversold.

DOGE Joins Cryptos In Cheering July CPI

A lower inflation rise in July was cheered by the broader cryptocurrency market and also saw DOGE rising on Wednesday evening. The extension of the risk-on rally could lead to an appreciation in the price of Bitcoin, said Edward Moya, senior market analyst with OANDA. “If inflation continues to drop, the bull-steepening trade will gain further momentum,” the analyst said.

Delusional Optimism 

Dogecoin co-creator Billy Markus commented on the decline in inflation on Wednesday and said that it went down from last month’s “obscenely high” level of  9.1% year-over-year to a similarly "obscene" level — 8.5% — this month. Markus said in a tongue-in-cheek fashion that it was time to “return to delusional optimism.”

DOGE On The Web

Dogecoin Foundation Director Timothy Stebbing and developers Michi Lumin and Inevitable 360 will appear on the Real Shibes Podcast on Aug. 17 at 6 p.m. CST. (7 p.m. ET). 

Read Next: Vitalik Buterin 'Outs Himself' As Using Tornado Cash For This Purpose

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