The price of Dogecoin it was reactivated today after a shout from the Dogefather himself, Elon Musk. Since the purchase of Twitter earlier this month, there has been speculation about possible DOGE implementations on the platform.
With the possibility that the FTX contagion is still in the air, industry leaders are concerned about the possible effects on the market. However, Dogecoin appears to be bucking the trend as it is up over 10% in the last 24 hours.
Elon Musk reignites Dogecoin interests
The contrasting performance of DOGE compared to other cryptocurrencies is mainly due to Elon Musk said “DOGE to the moon“ during a Twitter space on November 11. The Twitter space was organized by mario nawfal and discussed the implication of FTX’s decline in the market.
During the discussions, Musk said he was “working hard on DOGE.”
This is Musk’s first confirmation of his plans for DOGE since reports revealed he halted development of a crypto wallet for Twitter.
Their comments helped push the meme token from its 24-hour low of $0.07978 to $0.09472. It is now trading at $0.922.
DOGE beats Bitcoin and Ethereum
Meanwhile, other cryptocurrencies seem to be recovering. Bitcoin, Ethereum, BNB, Polkadot and Shiba Inu have posted minor gains in the last 24 hours.
BTC found below $17,000 for the first time since 2020 and is down almost 20% in the last week. Although it managed a meager gain of 0.4% in the last 24 hours.
ETH lost 22% of its value during the week. However, its value increased by 1.5% during the reporting period to $1,270.
The biggest loser seems to be Solarium (SOL), which is down 55% just in the last week. The token has dropped out of the top ten cryptocurrencies by market capitalization and is trading at $15, with a decrease of more than 8% only today.
Many expect the token to slide even further. This is especially true with the current market conditions and the FUD surrounding the network due to its affiliations with FTX.
In the last 24 hours, over 36,000 traders were liquidated, losing more than 72 million dollars. Most of the liquidations occurred on Binance due to traders who were long on BTC and ETH.
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Dogecoin (DOGE) Price Increases 10% After Mention of Elon Musk – BeInCrypto