Dogecoin

ELON Coin

Elon Musk

<a href="https://coinmarketcap.com/currencies/dogecoin/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">Dogecoin</a> [DOGE], known for its quirky origins, experienced a significant downturn of 15.55% over the last 24 hours, according to CoinMarketCap. 
This decline was emphasized by the Relative Strength Index (RSI), which dropped well below the neutral level into the oversold zone. 
In the unpredictable world of cryptocurrencies, extreme RSI levels often signal a potential rebound. 
Sumit Kapoor, founder of WiseAdviceSumit, noted, “Bullish recovery soon.” 
Until the 3rd of July, the MACD indicator suggested bullish sentiment, but on the 4th of July, bearish forces gained momentum, highlighting DOGE’s ongoing market volatility. 
Despite this downturn, billionaire entrepreneur Elon Musk stated in a recent interview, “I intend to personally support Dogecoin.” 
His comments have given hope to investors worried about DOGE’s declining price. Musk also claimed in a separate interview, “Dogecoin is better suited for transactions as compared to Bitcoin.” 
AMBCrypto analyzed data from IntoTheBlock, revealing that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment. 
In contrast, Bitcoin [BTC] showed a more bearish outlook, with bear activity surpassing that of the bulls. Both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/analyst-urges-calm-amid-government-bitcoin-sell-offs-highlights-minimal-market-impact/" data-wpel-link="internal">Analyst Urges Calm Amid Government Bitcoin Sell-Offs, Highlights Minimal Market Impact</a> 
A decline in Bitcoin typically triggers a market-wide downturn, and similarly, when Dogecoin falls, the entire memecoin segment follows suit. 
This pattern underscores the significant influence these top coins have on market trends and investor behavior. 
As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours. 
Consequently, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion. 
Dogecoin, meanwhile, was trading at $0.09551, experiencing a significant 15.55% drop within the same timeframe. 
The memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours, as per CoinGecko. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

Dogecoin Plummets 15.55% Amidst Market Volatility, Elon Musk Offers Support

Crypto Intelligence

Other articles published on Jul 9, 2024

EOS Network Launches 250 Million EOS Staking Initiative

Fantom secures $2.18m in compensation from Multichain Foundation

German Government Bitcoin Movement: Lawmakers Ask for a Halt as 3,000 BTC Hits Exchanges

BlockDAG Sets Crypto World Ablaze: $2M Giveaway and 80,000 Entries Soar Above TON & DOGE

GMX (GMX) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ripple News Today: Here’s When XRP Price Is Expected To Rally

Join our free newsletter for daily crypto updates!