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Dogecoin Has A 'Meme Shield' Against Price Drops, Says Elon Musk

March 1, 2021 10:36 pm
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Dogecoin Has A 'Meme Shield' Against Price Drops, Says Elon Musk

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said Dogecoin (CRYPTO: DOGE) has a “legendary item” in its arsenal — a meme shield.

What Happened: The entrepreneur posted a meme to illustrate.

DOGE prices hit their all-time high of $0.084 on Feb. 08 and have fallen 38.1% since then as the joke cryptocurrency traded 5.58% lower at $0.052 at press time.

See also: How to Buy Dogecoin (DOGE)

Since the beginning of the year, DOGE has returned 870.93%. The Shiba Inu-theme cryptocurrency has outperformed Bitcoin’s (CRYPTO: BTC) annual gains of 68.78%.

BTC traded 5.68% higher at $49,290.64 at press time.

Why It Matters: Even though Musk’s favorite meme-themed cryptocurrency has shot past BTC in terms of both near-term and yearly gains, the speed of its appreciation on a seven-day basis pales in front of some other cryptocurrency stars. 

See Also: Elon Musk's Dogecoin Tweets Worry Crypto Community — Situation 'Seriously Damaging'

DOGE has fallen 0.62% on a seven-day trailing basis, while Cardano (CRYPTO: ADA) has shot up 14.87% and Fantom (CRYPTO: FTM) is up 19.48% in the same period.

So-called Ethereum (CRYPTO: ETH) killers like Polkadot (CRYPTO: DOT) and Solana (CRYPTO: SOL) have been advancing at a record pace this year.

Scaling challenges coupled with high fees on Ethereum have buoyed the prices of such coins.

Read Next: Dogecoin Gets New Wings With Developer Upgrades: What You Need To Know

Photo by Marco Verch on Flickr

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Cryptocurrency Markets

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