Monday, July 22, 2024

Dogecoin price limps below a key support after Dogeday turns into a sell-the-news event By Cointelegraph

© Reuters

Dogecoin (DOGE) suffered a big blow on April 20, popularly known as “Dogeday,” thanks to the failed test launch of SpaceX’s Starship rocket and a downturn in the broader crypto market.

The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. Still, the company’s employees, including Elon Musk, cheered the failure as they expressed optimism for another test in the coming months.

1-year futures open interest volume for Dogecoin. Source: Coinglass
DOGE funding rate for perpetual swap contracts. Source: Coinglass
Addresses with more than $10 million (red) and $1 million (green) worth of DOGE. Source: Coinmetrics
daily price chart. Source: TradingView