The alpha memecoin, Dogecoin (DOGE), continues to take effect of market volatility. The coin lost its previous gains following the market downtrends. The fledgling coin BTC printed over a 5% decline in the last week and ETH decreased by around 8%. Similarly, the DOGE token was down over 8% on its week-on-week chart, losing 1.27% on the day. At $0.083, Dogecoin trades dangerously close to its week’s $0.083 floor. Any bearish move may pull it under, losing its substantial gain.
Dogecoin, like the rest of the market, tumbled over after the FTX implosion earlier this week. As the top coins struggle to recover, Dogecoin has still managed to entice traders in recent days. Although trading volume has dropped by over 40% in the last day, there’s still hope for an upswing in the coming days.
Doge Founder Speaks Against SBF’s FTX Comeback
On Wednesday, Sam Bankman-Fried turned to Twitter to announce his plans to “raise liquidity, make consumers whole, and relaunch.” SBF’s announcement followed the exchange’s filing for bankruptcy under ‘Chapter 11’ on Friday, November 11th. But Billy Markus, known on Twitter as Shibetoshi Nakamoto, was having none of it. The Doge founder insisted that SBF should not be given a second opportunity, given the part he played in the FTX debacle.
The former CEO of FTX says his businesses’ monthly asset accumulations exceeded their liabilities. These claims come despite accusations that FTX hid a $10 billion black hole in its accounts. However, SBF made it quite clear that they were not transferable securities. In a series of tweets, SBF disclosed that FTX’s assets totaled $8 billion. Out of that number, $5.5 billion were classified as “semi-liquid,” and $3.5 billion were unmarketable.
The cryptocurrency entrepreneur continued by stating that Alameda has a margin position on FTX International and FTX US. He added that the company had the resources necessary to compensate all consumers. However, the developer of Dogecoin is strongly opposed to this idea. According to him, “those who commit enormous massive fraud” shouldn’t be given “a second chance to perpetrate enormous massive fraud again.”
Can Doge Reach $0.1? What The Charts Say
In the wake of the market meltdown triggered by FTX’s collapse, the price of dogecoin fell by over 43%. But after hitting a low of $0.0790, the cryptocurrency…
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