Ah, Dogecoin (DOGE), the cryptocurrency that’s as beloved as a golden retriever puppy, yet somehow manages to trade in the red like a moody teenager. As of now, DOGE has taken a 2.36% tumble in the last 24 hours, landing at a rather sad $0.222. It seems the crypto market is having a bit of an identity crisis this Wednesday morning, with prices doing the cha-cha instead of a steady waltz.
In a thrilling twist, the Federal Open Market Committee is set to release its meeting minutes from May at 2:00 p.m. ET today. Investors are eagerly awaiting these insights, hoping they’ll shed light on how the Federal Reserve is navigating the choppy waters of monetary policy amidst trade uncertainties. Spoiler alert: it’s probably not going to be a walk in the park.
In the last 24 hours, a staggering $203 million has been liquidated across various crypto assets. That’s right, folks! Longs accounted for $112 million of that, while shorts were liquidated for nearly $91 million. It’s like a game of musical chairs, but with a lot more money and a lot less music.
Despite DOGE’s price being in the red, its 24-hour trading volume has seen a slight uptick of 9.49%, totaling a whopping $1.29 billion. Yes, you read that right—billion with a ‘B’. Who knew that a dog-themed cryptocurrency could fetch such a hefty sum?
What’s happening?
Dogecoin is currently playing a game of hopscotch, confined between its daily moving averages of 50 and 200 at $0.191 and $0.271, respectively. This indicates that buying is happening around the support level, while selling is taking place near the resistance. It’s like a tug-of-war, but with less mud and more digital coins.
Recently, Dogecoin’s trading range has narrowed, which could mean that a major move is brewing. A sustained rebound would aim for an overhead resistance of $0.27. Buyers will need to break through this level to kick off the next leg of the rise to $0.30 and then $0.35. It’s like climbing a mountain, but instead of a breathtaking view, you get… more Dogecoin?
Market sentiment is under the microscope; according to Glassnode, shorts are quietly building across the top 10, with the BTC funding rate flipping negative. It’s like watching a soap opera unfold, but with more numbers and less drama.
On a brighter note, Dogecoin whale accumulation has increased. Wallets holding between 100 million to one billion DOGE now control a staggering 26.5 billion coins, up from 22.8 billion in January. It seems the whales are getting hungrier, and they’re not just after krill!
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2025-05-28 15:41