Dogecoin On A Volatility Rollercoaster As Elon Musk Touting Meme Coin Fails To Give Definite Momentum Again

Zinger Key Points
  • Musk talking payment options with respect to Twitter things good for DOGE says co-creator
  • Doge core developer tests out radiodoge backhaul prototype, successful connection with Starlink node established

Dogecoin DOGE/USD traded 1.5% lower at $0.15 over 24 hours leading up to early Monday morning. 

DOGE fell alongside other major coins as the global cryptocurrency market cap fell 2% to $1.9 trillion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -1.5%
24-hour against Bitcoin -0.45%
24-hour against Ethereum 0.6%
7-day 0.8%
30-day 25.1%

YTD performance


See Also: How To Buy Dogecoin (DOGE)

The Doge Factors

DOGE was among the most mentioned coins on Twitter. It attracted 411 tweets, according to Cointrendz data. The three most mentioned coins were Bitcoin, Ethereum, and XRP.

The 24-hour trading volume for DOGE rose 100% to $1.82 billion at press time, according to CoinMarketCap.

Coinglass data indicated that $5.23 million worth of DOGE futures were liquidated in the past 24 hours as the meme cryptocurrency saw volatility.

DOGE Resistance And Support Zones

A technical breakout launched DOGE on a four-hour uptrend earlier on the weekend. According to Benzinga’s Melanie Schaffer, the meme coin has resistance above at the 16 cent mark and $0.176 and support below at $0.146 and $0.135 levels.

Dogecoin Payment Option For Twitter

Tesla Inc TSLA CEO and DOGE-bull Elon Musk, who is a major stakeholder in Twitter Inc TWTR suggested changes to the subscriber terms for the social media network’s Blue service. The entrepreneur said, “Maybe even an option to pay in Doge?”

DOGE In The News And On The Web

Coinbase Global Inc COIN has suspended the option to buy DOGE and other cryptocurrencies using UPI in India.

Dogecoin co-creator Billy Markus said that Musk talking about adding options to pay for “twitter things” in DOGE was “good for dogecoin.”

Dogecoin core developer Michi Lumin showcased a radiodoge backhaul prototype in a Twitter thread on Sunday. The developer said the prototype involved a “wire antenna and a tree.” She said that a 150 mile connect to the Starlink node over the radio worked. Notably,  Starlink is a service offered by Musk’s SpaceX company.

Read Next: This DeFi Crypto Shot Up 31% Last Week Even As Bitcoin, Ethereum, Dogecoin Struggled To Hold Their Own

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