Dogecoin price rises 10% after Elon Musk mention, market trading flat

Dogecoin price rebounded today after a shoutout from the dogfather himself, Elon Musk. Since buying Twitter earlier this month, there has been speculation about a possible DOGE implementation on the platform.

With the prospect of an FTX transition still hanging in the air, industry leaders are concerned about potential market impacts. However, Dogecoin seems to be bucking the trend, rising by over 10% over the past 24 hours.

Elon Musk rules the interests of Dogecoin

DOGE’s opposite performance in comparison to other cryptocurrencies is mostly due to Elon Musk saying “DOGE to the Moon” during a Twitter space on November 11th. The Twitter space was hosted by Mario Nawafal and discussed the implications of the FTX crash on the market. ,

During the discussion, Musk said he is “working hard on DOGE.”

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

His comments helped the Mem coin rise from a 24-hour low of $0.07978 to $0.09472. It is now trading at $0.922.

Dogecoin DOGE 24-Hour Price Performance Chart by CoinMarketCap
Dogecoin 24-Hour Price Display (Source: CoinMarketCap)

DOGE Beats Bitcoin and Ethereum

Meanwhile, other cryptocurrencies seem to be bouncing back. Bitcoin, Ethereum, BNB, Polkadot and Shiba Inu have registered minor gains in the last 24 hours.

BTC found itself below $17,000 for the first time since 2020 with a nearly 20% drop in the past week. However, it has gained marginally 0.4% in the last 24 hours.

ETH lost 22% of its value during the week. However, its value has increased by 1.5% to $1,270 in the period under review.

The biggest loser appears to be Solana (SOL), which is down 55% in the past week alone. The token has left the top ten cryptocurrencies by market capitalization and trades at $15, with a drop of over 8% today alone.

Many expect the coin to continue to grow. This is especially so due to the current market conditions and the association of FTX with FUD around the network.

Over the past 24 hours, more than 36,000 traders were liquidated, causing losses of over $72 million. Most of the liquidations on Binance were caused by traders holding long positions on BTC and ETH.


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