DOGE was one of the best performing assets in the past week, as Bitcoin and Ethereum tended to decline in September. The meme coin seems to have responded positively to the possible acquisition of Twitter by billionaire and technology giant Musk
DOGE was one of the best performing assets in the past week, as Bitcoin and Ethereum tended to decline in September. The meme coin seems to have responded positively to the possible acquisition of Twitter by billionaire and technology giant Musk.
As a well-known defender of dog currency, this cryptocurrency exhibits a high correlation between Musk related events and positive performance. As many experts have been arguing, the implementation of Twitter's acquisition may have a long-term bullish impact on DOGE holders.
At the time of writing this article, the dog coin trader's price was $0.06, with a loss of 1% and a profit of 12% in the past two weeks. According to Coinsecko's data, over the past 7 days, meme coins, along with Maker (MKR), Elron (EGLD), Polygon (MATIC), and others, have ranked among the top 10 performing encryption assets.
The prices of DOGE are arranged horizontally on the daily chart
Will Musk Bring Dog Coin to Social Media Twitter?
The additional data provided by KrakenIntelligence indicates that the meme coin industry performed best in September. A month of disadvantageous comparison between Bitcoin and larger cryptocurrencies in history.
This year, market participants expect a bullish price trend for the entire cryptocurrency, supported by the highly anticipated Ethereum "merger". This event operates through the trading method of "buying rumors and selling news", leading the second cryptocurrency by market value to retest its support area and performing the worst in emerging industries.
As shown in the figure below, Ethereum has recorded 14% of losses in the past 30 days, followed by Bitcoin (BTC), which has lost 3% and privacy coins, such as Monroe coin (XMR) and Zcash (ZCH). During the same period, meme coins were traded horizontally, with almost no 2% loss.
The news related to Musk has provided momentum for Dogcoin to break through the sustained horizontal trend. Cryptocurrency has remained between $0.066 and $0.055.
Like other major social media platforms, Twitter has been exploring and embedding new features to provide its users with access to encryption and digital assets. Users can use their Unreplaceable Tokens (NFTs) as avatars and send or receive "prompts" by adding wallets.
So far, Twitter has only tried Bitcoin and Ethereum. The new acquisition may open the door to new use cases and, with Musk's support, more widely adopt meme coins. In an interview with Bloomberg, the billionaire and CEO of Tesla stated that he intends to continue supporting DOE in the future:
I plan to personally support dog coins because I only know many less wealthy people who encourage me to purchase and support dog coins - so I am responding to those people. They asked me to support dog coins, so I did it
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