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NewsBTC 2022-10-06 18:23:37

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

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. 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 ...

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