Home Altcoin Elon Musk References Dogecoin on Twitter Again

Elon Musk References Dogecoin on Twitter Again

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Elon Musk is one true Dogecoin fan, after handing out praises on Twitter for the second time.

Elon Musk Warms Up to Crypto Assets

Elon Musk, who turned out as a sporadic, although highly effective endorsement for crypto, as soon as once more boosted DOGE with a meme-based tweet.

This is the second veiled endorsement for Dogecoin, after Elon Musk tweeted about his “favorite coin” in the summertime of 2019.

DOGE May Prepare for New Rally on Higher Trading Volumes

DOGE can also be identified for not chasing speedy appreciation, and its “moon” worth is something above one penny. Currently, DOGE trades at $0.002, and takes the venerable place #33 based mostly on market capitalization. There are already greater than 123 billion DOGE in circulation, with greater than 31,000 transactions per day.

DOGE has been a steady presence on the earth of crypto, although the meme-based character of the coin curbed adoption. DOGE was additionally displaced as a base pair coin by the arrival of stablecoins, and isn’t used as usually to arbitrage trades and transfer cash between exchanges.

The total crypto neighborhood was enthusiastic for the endorsement, presumably anticipating DOGE worth motion. For now, it’s early to say if DOGE would pull the identical stunt as Tesla (TSLA) inventory.

DOGE could also be certainly primed for a run, as its buying and selling exercise is near-record, after reawakening in 2020. DOGE buying and selling for the previous month is persistently energetic, with volumes above $150 million per day. So far, DOGE has not repeated its document days from 2017, however the coin has additionally proven its mettle in going vertical towards Bitcoin (BTC).

DOGE has not seen a pump for some time, and at the moment, most of its volumes are concentrated on the BKEX change. The marketplace for DOGE additionally will get a lift from a 48% share of Tether (USDT) buying and selling, a shift away from a state of affairs the place DOGE/BTC was essentially the most energetic pairing.

Those situations may go towards decoupling DOGE costs, and coming into a brand new worth discovery stage. DOGE has additionally signalled improved altcoin sentiment, presumably signalling a brand new altcoin season. Currently at a quite low worth, DOGE is usually a supply of speedy appreciation, with the potential so as to add Satoshis shortly.

New DOGE are minted on a regular basis, in connection to Litecoin (LTC) coin creation. There isn’t any DOGE shortage, and the coin additionally exhibits an uneven distribution of wealth, with almost 20% of cash concentrated within the prime 5 wallets.

What do you concentrate on the newest Elon Musk endorsement of DOGE? Share your ideas within the feedback part beneath!

Images through Shutterstock, Twitter @coinok @QuodSemper @elonmusk

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