Cryptos, as we all know, are in dramatic drop, especially Bitcoin, with values holding just over two-year lows, but the situation has changed for the memecoin Dogecoin on Friday.
The memecoin, which was named after an online joke about a dog, rose as much as 15% on Friday before ending 8.5% higher. Meanwhile, Bitcoin, Ether, and most other cryptocurrencies were trading near flat for the day.
Such a large move also aided in the price of Shiba Inu, another memecoin that refers to Dogecoin (the dog in the meme Dogecoin is a Shiba Inu). Shiba Inu climbed as much as 6% before closing 2% higher.
Dogecoin and its peers frequently, but not always, move in lockstep with the price of Bitcoin and other digital assets. A notable exception is when the tokens are discussed in the media, particularly by Elon Musk, who has long experimented with Dogecoin’s price via Twitter and television appearances.
While Dogecoin recently received a significant boost following Musk’s acquisition of Twitter, amid optimism that the cryptocurrency would find a new, actual application on the network, those dreams have mostly disappeared amid a wider crypto market decline.
So, what prompted the latest increase? A search of Elon Musk’s Twitter activity yields no evident results. The price movement might be linked to a Tweet by crypto bull David Gokhshtein, who has 700,000 Twitter followers.
“I believe we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE,” Gokhshtein said on Friday, referring to Vitalik Buterin, one of the founders of the cryptocurrency Ethereum.
However, there are no indications that this will occur, and Musk’s mentions of Dogecoin appear to have decreased since his Twitter takeover and all the issues that ensued. But the fluctuations in Dogecoin are frequently not based on material or fundamental issues.
Expert Opinion: “ Doge is a good one to buy. The future should have many surprises for the Doge holders and this could really take off past previous highs. For that reason I am a holder. “
– Scott McCullough
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