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 big Elon Musk.
A well known Dogecoin defender, the cryptocurrency has proven excessive ranges of correlation between Musk-related occasions and constructive efficiency. As many specialists have been arguing, the materialization of the Twitter acquisition might need long-term bullish implications for DOGE holders.
At the time of writing, Dogecoin merchants are at $0.06 with a 1% loss and 12% revenue over the previous two weeks. Data from Coingecko exhibits that the meme coin has been within the prime 10 best-performing crypto belongings within the final 7 days alongside Maker (MKR), Elrond (EGLD), Polygon (MATIC), and others.
DOGE’s value shifting sideways on the day by day chart. Source: DOGEUSDT Tradingview
Elon Musk Will Bring Dogecoin To Social Media Twitter?
Additional information offered by Kraken Intelligence signifies that the meme coin sector recorded the very best efficiency in September. A month that has been traditionally detrimental for Bitcoin and bigger cryptocurrencies.
This 12 months, market members have been anticipating attainable bullish value 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.
As the chart beneath exhibits, Ethereum data a 14% loss up 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.
Source: Kraken Intelligence
The Elon Musk-related information has offered Dogecoin (DOGE) with the momentum to interrupt out of a persistent sideways pattern. 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. Users can use their non-fungible tokens (NFTs) as profile photos and may ship or obtain “Tips” by including their wallets.
So far, Twitter has solely experimented with Bitcoin and Ethereum. The new acquisition may open the door for brand spanking new use circumstances, and an even bigger adoption of the meme coin with Musk’s backing. In an interview with Bloomberg, the billionaire and CEO of Tesla stated 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 aren’t 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