Dogecoin (DOGE) Defies The Bear, Outperforms Bitcoin And Ethereum, Lingering Trend?
October 06 2022 - 2:23PM
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Dogecoin (DOGE) is one of the best-performing assets of the past
week, as Bitcoin and Ethereum trended to the downside in September.
The meme coin seems to be positively reacting to the potential
acquisition of Twitter by billionaire and tech giant Elon Musk.
Related Reading: All Signs Prove Shiba Inu Is Ready For A Run; Here
Is Why? A well-known Dogecoin defender, the cryptocurrency has
shown high levels of correlation between Musk-related events and
positive performance. As many experts have been arguing, the
materialization of the Twitter acquisition might have long-term
bullish implications for DOGE holders. At the time of writing,
Dogecoin traders are at $0.06 with a 1% loss and 12% profit over
the past two weeks. Data from Coingecko shows that the meme coin
has been in the top 10 best-performing crypto assets in the last 7
days alongside Maker (MKR), Elrond (EGLD), Polygon (MATIC), and
others. Elon Musk Will Bring Dogecoin To Social Media Twitter?
Additional data provided by Kraken Intelligence indicates that the
meme coin sector recorded the best performance in September. A
month that has been historically negative for Bitcoin and larger
cryptocurrencies. This year, market participants were expecting
possible bullish price action across crypto supported by the highly
anticipated Ethereum “Merge”. This event operated as a “buy the
rumor, sell the news” trade leading the second crypto by market cap
to re-test its support zones and with the worst performance in the
nascent sector. As the chart below shows, Ethereum records a 14%
loss in the past 30 days followed by Bitcoin (BTC) with a 3% and
privacy coins, such as Monero (XMR) and Zcash (ZCH). Over the same
period, meme coins traded sideways with barely a 2% loss. The Elon
Musk-related news has provided Dogecoin (DOGE) with the momentum to
break out of a persistent sideways trend. The cryptocurrency has
been stuck in a range between $0.066 and around $0.055. Like other
major social media platforms, Twitter has been exploring and
implanting new features to provide its users with access to crypto
and digital assets. Users can use their non-fungible tokens (NFTs)
as profile pictures and can send or receive “Tips” by adding their
wallets. Related Reading: Brace For Impact: This Expert Trader Says
Cardano (ADA) Will See A 50% Decline So far, Twitter has only
experimented with Bitcoin and Ethereum. The new acquisition might
open the door for new use cases, and a bigger adoption of the meme
coin with Musk’s backing. In an interview with Bloomberg, the
billionaire and CEO of Tesla said the following on his intentions
to continue supporting DOGE in the future: I intend to personally
support Dogecoin, because I just know a lot of people who are not
that wealthy who have encouraged me to buy and support Dogecoin—so
I’m responding to those people. They’ve asked me to support
Dogecoin, so I’m doing so
Dogecoin (COIN:DOGEUSD)
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