DOGE was among the most mentioned coins on Twitter, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and XRP at press time.
The 24-hour DOGE trading volume rose 25.8% to $635 million, according to CoinMarketCap data.
Coinglass data showed that $2.8 million worth of DOGE was liquidated over 24 hours as the price of the meme cryptocurrency saw volatility.
Inflation Back In The Spotlight
Risk assets are once again under pressure as investors worry about the Federal Reserve delivering a “soft landing.” Cryptocurrency trader Justin Bennett said the total cryptocurrency market cap could slip down to the $700-$730-billion levels — a downside of 19% to 22% from the current levels.
Increased DOGE Network Activity
Santiment said Wednesday that the Dogecoin network appears to be showing an increase in network activity. The market intelligence platform tweeted that over the last 10 days DOGE network activity has risen 32%.
Dogecoin Foundation director Timothy Stebbing said the future for the DOGE community is “brighter than ever” now that former hurdles are being cleared. Stebbing tweeted that he’s “impressed by the calibre of people we have on our side.”
Honestly feeling like former hurdles are being cleared and the future for the Doge community is brighter than ever. So impressed by the calibre of people we have on our side. #BUIDLpic.twitter.com/wrK5cbgDIi