Dogecoin Price Surges 10% After Elon Musk Mention, Market Trades Flat


the dogecoin The price revived today after a shout out from the Dogefather himself, Elon Musk. Since the purchase of Twitter earlier this month, there has been speculation about possible DOGE implementations on the platform.

With the possibility of FTX contagion still hanging in the air, industry leaders are concerned about the possible effects on the market. However, Dogecoin seems to be bucking the trend as it has risen more than 10% in the last 24 hours.

Elon Musk Rekindles Dogecoin Interests

DOGE’s contrasting performance compared to other cryptocurrencies is mainly due to Elon Musk saying “DOGE to the moon” during a Twitter Space on November 11. The Twitter space was hosted by Mario Nawfal and discussed the implication of the FTX crash on the market. .

During the discussions, Musk said he was “working hard at DOGE.”

This is Musk’s first confirmation of his plans for DOGE since reports revealed he halted development of a crypto wallet for Twitter.

His comments helped drive the meme token from its 24-hour low of $0.07978 to $0.09472. It is now trading at $0.922.

Dogecoin 24-hour price performance (Source: CoinMarketCap)

DOGE beats Bitcoin and Ethereum

Meanwhile, other cryptocurrencies appear to be picking up. Bitcoin, Ethereum, BNB, Polkadot, and Shiba Inu have posted minor gains in the past 24 hours.

BTC found itself below $17,000 for the first time since 2020 and is down nearly 20% in the past week. Although it achieved a meager gain of 0.4% in the last 24 hours.

ETH lost 22% of its value during the week. However, its value rose 1.5% during the reporting period to $1,270.

The biggest loser seems to be Solarium (SUN), which down 55% only in the last week. The token has left the top ten cryptocurrencies by market capitalization and is trading at $15, down more than 8% today alone.

Many expect the token to slip further. This is especially true with the current market conditions and the FUD surrounding the network due to its affiliations with FTX.

In the last 24 hours, more than 36,000 merchants were liquidated, losing more than $72 million. Most of the liquidations occurred on Binance due to traders who were long BTC and ETH.

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