Dogecoin DOGE/USD shot up 25% to $0.16 over 24 hours leading up to early Tuesday morning. Major cryptocurrencies were buoyant at press time along with DOGE as the global cryptocurrency market cap rose 3.9% to $1.9 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 24.85% |
| 24-hour against Bitcoin | 20.6% |
| 24-hour against Ethereum | 19.2% |
| 7-day | 13.5% |
| 30-day | 12.7% |
|
YTD performance |
-7.4% |
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The DOGE Factors
The bellwether meme cryptocurrency was buoyed by the acquisition of Twitter Inc TWTR by Dogecoin-bull and Tesla Inc TSLA CEO Elon Musk.
- Dogecoin trended on both CoinMarketCap and CoinGecko price tracking websites. The meme coin was the top 24-hour gainer, according to CoinMarketCap data.
- The 24-hour DOGE trading volume saw a spike of 928% to $6.32 billion at press time, according to CoinMarketCap.
- Dogecoin was among the most-mentioned coins on Twitter. It attracted 264 tweets at press time, according to Cointrendz data. The three most mentioned coins were XRP, Bitcoin, and Ethereum.
- Data from Coinglass indicated that $22.67 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency soared at press time.
Dogecoin Outperforms Crypto Pack
Dogecoin emerged as the top dog on Monday evening after it was confirmed that Musk would be purchasing Twitter and taking the company private. Market data platform Santiment said they had observed that historically meme coins benefit from Musk-related developments.
Key Resistance And Support Zones
Dogecoin’s chart broke up from a descending trendline on a higher-than-average volume. Volumes soared on major exchanges such as Coinbase in comparison with averages. The meme coin faces resistance above $0.16 and $0.176 and support below $0.146 and $0.135 levels, according to Benzinga’s Melanie Schaffer.
Don’t Be Naughty, Elon Is Watching
On Monday, DOGE-co-creator Billy Markus told his Twitter following not to be naughty. “Elon is always watching, and he will buy your toys away from you if you misbehave,” said Markus.
Markus said earlier in a separate tweet that people threatening to quit Twitter if Musk buys the platform should be held to their word.
Read Next: 'Everything In Its Right Place:' Jack Dorsey Reacts To Elon Musk's Twitter Takeover
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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