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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin (DOGE) Defies The Bear, Outperforms Bitcoin And Ethereum, Lingering Trend?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Dogecoin doge dogeusdt

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Dogecoin (DOGE) is one of the best-performing assets of the past week, as Bitcoin and Ethereum trended to the downside in September. The meme coin seems to be positively reacting to the potential acquisition of Twitter by billionaire and tech giant Elon Musk.

Related Reading: All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why?

A well-known Dogecoin defender, the cryptocurrency has shown high levels of correlation between Musk-related events and positive performance. As many experts have been arguing, the materialization of the Twitter acquisition might have long-term bullish implications for DOGE holders.

At the time of writing, Dogecoin traders are at $0.06 with a 1% loss and 12% profit over the past two weeks. Data from Coingecko shows that the meme coin has been in the top 10 best-performing crypto assets in the last 7 days alongside Maker (MKR), Elrond (EGLD), Polygon (MATIC), and others.

Dogecoin DOGE DOGEUSDT
DOGE’s price moving sideways on the daily chart. Source: DOGEUSDT Tradingview

Elon Musk Will Bring Dogecoin To Social Media Twitter?

Additional data provided by Kraken Intelligence indicates that the meme coin sector recorded the best performance in September. A month that has been historically negative for Bitcoin and larger cryptocurrencies.

This year, market participants were expecting possible bullish price action across crypto supported by the highly anticipated Ethereum “Merge”. This event operated as a “buy the rumor, sell the news” trade leading the second crypto by market cap to re-test its support zones and with the worst performance in the nascent sector.

As the chart below shows, Ethereum records a 14% loss in the past 30 days followed by Bitcoin (BTC) with a 3% and privacy coins, such as Monero (XMR) and Zcash (ZCH). Over the same period, meme coins traded sideways with barely a 2% loss.

Dogecoin DOGE DOGEUSDT CHART 2
Source: Kraken Intelligence

The Elon Musk-related news has provided Dogecoin (DOGE) with the momentum to break out of a persistent sideways trend. The cryptocurrency has been stuck in a range between $0.066 and around $0.055.

Like other major social media platforms, Twitter has been exploring and implanting new features to provide its users with access to crypto and digital assets. Users can use their non-fungible tokens (NFTs) as profile pictures and can send or receive “Tips” by adding their wallets.

Related Reading: Brace For Impact: This Expert Trader Says Cardano (ADA) Will See A 50% Decline

So far, Twitter has only experimented with Bitcoin and Ethereum. The new acquisition might open the door for new use cases, and a bigger adoption of the meme coin with Musk’s backing. In an interview with Bloomberg, the billionaire and CEO of Tesla said the following on his intentions to continue supporting DOGE in the future:

I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people. They’ve asked me to support Dogecoin, so I’m doing so

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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