Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Shivdeep Dhaliwal

Dogecoin Daily: It's A Musky-Musk-Musk Day

Dogecoin (CRYPTO: DOGE) 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.

Dogecoin Price Performance
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%

See Also: How To Get Free NFTs

The DOGE Factors

The bellwether meme cryptocurrency was buoyed by the acquisition of Twitter Inc (NYSE:TWTR) by Dogecoin-bull and Tesla Inc (NASDAQ: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

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.