Dogecoin (CRYPTO: DOGE) traded 1.5% higher at $0.07 over 24 hours leading up to early Friday morning after Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk mentioned the meme coin on a podcast.
DOGE traded higher along with other major coins as the global cryptocurrency market cap increased 1.09% to $1.09 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 1.5% |
| 24-hour against Bitcoin | 0.9% |
| 24-hour against Ethereum | -0.02% |
| 7-day | -4.1% |
| 30-day | 1.5% |
|
YTD performance |
-60.4% |
See Also: How To Get Free Crypto
The DOGE Factors
- Dogecoin’s 24-hour trading volume was largely unchanged at $263.53 million at press time, according to CoinMarketCap
- Coinglass data indicated that $435,110 worth of DOGE were liquidated over 24 hours as the price of the memecoin rose
- The relative strength index for DOGE was 52.83 at press time, according to TradingView. An RSI above 70 indicates an asset is overbought, while RSI under 30 is a signal of an asset that is oversold
Calls Of Crypto Death Are Premature
Though major coins, including DOGE, traded lower on Thursday evening and trailed the gains in stocks, OANDA Senior Market Analyst Edward Moya expressed confidence that “crypto is alive and well.” Moya pointed to a partnership between BlackRock and Coinbase Global Inc (NASDAQ:COIN) and said “calls that crypto is dead have been overdone.”
No One Too Big To Fail
Cryptocurrency-oriented Twitter handle “Mishaboar” said Friday that cryptocurrency platforms that fare well during the bull market need to scale down during the bear market.
All #crypto platforms and services that fared well during a bull market need to scale down during a bear market; issues that were hidden behind the façade are now laid bare and could be exploited or lead to disaster.
— Mishaboar (@mishaboar) August 5, 2022
No exchange, broker, or custodial service is too big to fail.
“Issues that were hidden behind the façade are now laid bare and could be exploited or lead to disaster. No exchange, broker, or custodial service is too big to fail.”
DOGE On The Web
Musk, while appearing on the Nelk Boys “Full Send” podcast on Thursday evening, said Dogecoin is the only cryptocurrency he is currently supporting and reiterated his previous stance on the meme coin being better for transactions than Bitcoin.
Heading into the weekend, Dogecoin co-creator Billy Markus lamented the size of the break and said it should be 3 days.
weekends should be 3 days
— Shibetoshi Nakamoto (@BillyM2k) August 4, 2022
2 days is too short
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