2 years ago
Dogecoin (DOGE) is 1 of the best-performing assets of the past week, arsenic Bitcoin and Ethereum trended to the downside successful September. The meme coin seems to beryllium positively reacting to the imaginable acquisition of Twitter by billionaire and tech elephantine Elon Musk.
A well-known Dogecoin defender, the cryptocurrency has shown precocious levels of correlation betwixt Musk-related events and affirmative performance. As galore experts person been arguing, the materialization of the Twitter acquisition mightiness person semipermanent bullish implications for DOGE holders.
At the clip of writing, Dogecoin traders are astatine $0.06 with a 1% nonaccomplishment and 12% nett implicit the past 2 weeks. Data from Coingecko shows that the meme coin has been successful the apical 10 best-performing crypto assets successful the past 7 days alongside Maker (MKR), Elrond (EGLD), Polygon (MATIC), and others.
DOGE’s terms moving sideways connected the regular chart. Source: DOGEUSDT TradingviewElon Musk Will Bring Dogecoin To Social Media Twitter?
Additional information provided by Kraken Intelligence indicates that the meme coin assemblage recorded the champion show successful September. A period that has been historically antagonistic for Bitcoin and larger cryptocurrencies.
This year, marketplace participants were expecting imaginable bullish terms enactment crossed crypto supported by the highly anticipated Ethereum “Merge”. This lawsuit operated arsenic a “buy the rumor, merchantability the news” commercialized starring the 2nd crypto by marketplace headdress to re-test its enactment zones and with the worst show successful the nascent sector.
As the illustration beneath shows, Ethereum records a 14% nonaccomplishment successful the past 30 days followed by Bitcoin (BTC) with a 3% and privateness coins, specified arsenic Monero (XMR) and Zcash (ZCH). Over the aforesaid period, meme coins traded sideways with hardly a 2% loss.
Source: Kraken IntelligenceThe Elon Musk-related quality has provided Dogecoin (DOGE) with the momentum to interruption retired of a persistent sideways trend. The cryptocurrency has been stuck successful a scope betwixt $0.066 and astir $0.055.
Like different large societal media platforms, Twitter has been exploring and implanting caller features to supply its users with entree to crypto and integer assets. Users tin usage their non-fungible tokens (NFTs) arsenic illustration pictures and tin nonstop oregon person “Tips” by adding their wallets.
So far, Twitter has lone experimented with Bitcoin and Ethereum. The caller acquisition mightiness unfastened the doorway for caller usage cases, and a bigger adoption of the meme coin with Musk’s backing. In an interrogation with Bloomberg, the billionaire and CEO of Tesla said the pursuing connected his intentions to proceed supporting DOGE successful the future:
I mean to personally enactment Dogecoin, due to the fact that I conscionable cognize a batch of radical who are not that affluent who person encouraged maine to bargain and enactment Dogecoin—so I’m responding to those people. They’ve asked maine to enactment Dogecoin, truthful I’m doing so
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