As Elon Musk Makes The World 'More Fun,' Dogecoin Sees Short-Lived Spike

Dogecoin DOGE/USD saw a short-lived spike early Friday, hitting an intraday high of $0.1527 before retreating.

Larger coins, such as Bitcoin and Ethereum, traded mixed at press time as the global cryptocurrency market cap slumped 0.5% to $2 trillion.

See Also: How To Buy Dogecoin (DOGE)

The Doge Factors

• DOGE was not among the most mentioned coins on Twitter at press time, according to Cointrendz data.
• The meme coin’s 24-hour trading volume fell 44.1% to $1.6 billion at the time of writing, according to CoinMarketCap
• Coinglass data showed that $2.94 million worth of DOGE futures were liquidated in the past 24 hours as the meme cryptocurrency saw volatility.

DOGE, Other Cryptos Stay Steady As BTC Selling Pressure Fading

The selling pressure on the apex coin is fading, said Glassnode co-founders Jan & Yann pointing to Bitcoin’s illiquid supply, which has been on the rise for the past 214 days. Analysts are upbeat on the long-term prospects of the world’s largest cryptocurrency. 

DOGE In The News And On The Web

The bellwether meme coin spiked after the Tesla Inc TSLA Texas Gigafactor “Cyber Rodeo” event showcased a drone show. The drones lit up to form the mascot of Dogecoin — a Shiba Inu dog.

DOGE co-creator Billy Markus said that Tesla’s CEO Elon Musk makes the “world more fun.”  On the same day, Markus also shared the drone display that formed a Shiba Inu at the Texas Gigafactor event.

Retail brokerage Robinhood Markets Inc HOOD has rolled out the much-awaited cryptocurrency wallet to almost 2 million users. This means customers will be able to move their DOGE off Robinhood to self-custody or elsewhere.

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