Dogecoin (DOGE) is without doubt one of the best-performing belongings of the previous week, as Bitcoin and Ethereum trended to the draw back in September. The meme coin appears to be positively reacting to the potential acquisition of Twitter by billionaire and tech large Elon Musk.
A widely known Dogecoin defender, the cryptocurrency has proven excessive ranges of correlation between Musk-related occasions and optimistic efficiency. As many consultants have been arguing, the materialization of the Twitter acquisition might need long-term bullish implications for DOGE holders.
On the time of writing, Dogecoin merchants are at $0.06 with a 1% loss and 12% revenue over the previous two weeks. Information from Coingecko reveals that the meme coin has been within the high 10 best-performing crypto belongings within the final 7 days alongside Maker (MKR), Elrond (EGLD), Polygon (MATIC), and others.
DOGE’s worth transferring sideways on the day by day chart. Supply: DOGEUSDT Tradingview
Elon Musk Will Convey Dogecoin To Social Media Twitter?
Further information supplied by Kraken Intelligence signifies that the meme coin sector recorded the most effective efficiency in September. A month that has been traditionally adverse for Bitcoin and bigger cryptocurrencies.
This 12 months, market members have been anticipating doable bullish worth motion throughout crypto supported by the extremely anticipated Ethereum “Merge”. This occasion operated as a “purchase the rumor, promote the information” commerce main the second crypto by market cap to re-test its assist zones and with the worst efficiency within the nascent sector.
Because the chart under reveals, Ethereum information a 14% loss prior to now 30 days adopted by Bitcoin (BTC) with a 3% and privateness cash, equivalent to Monero (XMR) and Zcash (ZCH). Over the identical interval, meme cash traded sideways with barely a 2% loss.
Supply: Kraken Intelligence
The Elon Musk-related information has supplied Dogecoin (DOGE) with the momentum to interrupt out of a persistent sideways development. The cryptocurrency has been caught in a spread between $0.066 and round $0.055.
Like different main social media platforms, Twitter has been exploring and implanting new options to offer its customers with entry to crypto and digital belongings. Customers can use their non-fungible tokens (NFTs) as profile footage and may ship or obtain “Ideas” by including their wallets.
Up to now, Twitter has solely experimented with Bitcoin and Ethereum. The brand new acquisition may open the door for brand spanking new use instances, and an even bigger adoption of the meme coin with Musk’s backing. In an interview with Bloomberg, the billionaire and CEO of Tesla mentioned the next on his intentions to proceed supporting DOGE sooner or later:
I intend to personally assist Dogecoin, as a result of I simply know lots of people who are usually not that rich who’ve inspired me to purchase and assist Dogecoin—so I’m responding to these individuals. They’ve requested me to assist Dogecoin, so I’m doing so
