Dogecoin (DOGE) Defies Bear, Outperforms ETH, Lingering Trend?

Dogecoin, (DOGE), is the top-performing asset of the week. This comes as Bitcoin and Ethereum have trended downwards in September. This meme coin appears to positively respond to Elon Musk’s possible acquisition of Twitter.

Dogecoin’s most prominent defender is the cryptocurrency that has shown strong correlation between Musk-related events as well as positive performance. Experts have argued that materializing the Twitter acquisition could have positive long-term effects for DOGE holders.

Dogecoin traders stand at $0.06 as of the writing. They have suffered a 1% loss, and made 12% profits over the past 2 weeks. Coingecko data shows that meme coins have been among the 10 most-performing cryptocurrency assets over the past seven days, alongside Maker (MKR), Elrond(EGLD), Polygon [MATIC], and other.

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

Elon Musk To Bring Dogecoin Twitter to Social Media

Kraken Intelligence also provided additional data that shows the most impressive September performance of the meme coin industry. This is the first month in history that Bitcoin has suffered from negative sentiments.

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.

Below is a chart showing that Ethereum suffered a 14% decline over the past 30 trading days. Bitcoin (BTC) had a 3% loss and privacy coins like Monero (XMR), and Zcash(ZCH) both experienced a 3% decrease. The meme coin trades sideways experienced a mere 2% loss over the same time period.

Source: Kraken Intelligence

Dogecoin (DOGE), thanks to Elon Musk’s news, has gained the momentum it needs to end its sideways tendency. It has remained stuck between $0.066 to $0.055.

Twitter is just like all major social media platforms in that it has developed new features and embedded them to give its users access to digital assets. Users can use their non-fungible tokens (NFTs) as profile pictures and can send or receive “Tips” by adding their wallets.

Twitter so far has not experimented much with Ethereum or Bitcoin. The new acquisition might open the door for new use cases, and a bigger adoption of the meme coin with Musk’s backing. The CEO and billionaire of Tesla spoke with Bloomberg about his plans to support DOGE for 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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