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What's Up With Dogecoin Today?

Benzinga
Benzinga
 2021-07-15
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Dogecoin (CRYPTO: DOGE) traded 0.66% higher at $0.19 over 24 hours at press time on Thursday.

What’s Moving: DOGE has declined 11.91% over the week amid a wider market rout that enveloped other major cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) earlier in the week.

Most large-cap cryptocurrencies found stability after Jerome Powell, the chair of the Federal Reserve said that the central bank was unlikely to withdraw stimulus measures in the near term.

DOGE’s spectacular year-to-date returns have lost some of their sheens due to its recent fall and now stand at 3,976.84%.

Why Is It Moving? Dogecoin continues to show weak technicals in the aftermath of Palmer's comments, trading below the 30-day and 200-day moving averages. It has a relative strength index of 33.8, as per trading view trading, which also indicates weakness.

On Wednesday, Dogecoin co-creator Jackson Palmer called cryptocurrencies “an inherently right-wing, hyper-capitalistic technology” on Twitter.

Palmer’s long critique of cryptocurrencies was prefaced by him saying he would not be returning to cryptocurrency or share his thoughts on the topic again.

Also on Wednesday, a court ruled that Zookeeper Joe Exotic, better known as Joseph Maldonado-Passage, has been improperly sentenced to prison.

Exotic is linked with the Tiger King (CRYPTO: TKING) cryptocurrency whose gains surpassed those of DOGE last week after it garnered support from the YouTuber Matt Wallace.

It remains to be seen if the news of the ruling impacts either coin.

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk yelling "Dady Doge" after his testimony in the SolarCity acquisition lawsuit is also sparking interest in a new Dogecoin-inspired meme cryptocurrency.

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