Dogecoin Price Surges 10% After Elon Musk Mention, Market Trades Flat

Dogecoin DOGE Price Surges 10% Following Elon Musk Mention, Broader Market Trades Flat


The Dogecoin price was reignited today after a shout-out from the Dogefather himself, Elon Musk. Since purchasing Twitter earlier this month, speculation has been swirling about potential DOGE implementations on the platform.

With the possibility of the FTX contagion still hanging in the air, industry leaders are worried about the potential market effects. However, Dogecoin appears to be bucking the trend as it has risen by more than 10% in the past 24 hours.

Elon Musk Reignites Dogecoin Interests

The contrasting performance of DOGE compared to other cryptocurrencies is mostly due to Elon Musk saying “DOGE to the moon” during a Twitter Space on Nov. 11. The Twitter space was hosted by Mario Nawfal and discussed the implication of the FTX crash on the market.

During the discussions, Musk said he was “working hard on the DOGE.”

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This is the first confirmation from Musk about his plans for DOGE since reports revealed that he stopped the development of a crypto wallet for Twitter.

His comments helped to push the meme token from its 24-hour low of $0.07978 to as high as $0.09472. It is now trading at $0.922.

Dogecoin 24-Hour Price Performance (Source: CoinMarketCap)

DOGE Beats Bitcoin and Ethereum

Meanwhile, other cryptocurrencies appear to be bouncing back. Bitcoin, Ethereum, BNB, Polkadot, and Shiba Inu have all recorded minor gains over the past 24 hours. 

BTC found itself below $17,000 for the first since 2020 and is down almost 20% in the past week. Although, it managed a meager 0.4% gain over the last 24 hours.

ETH lost 22% of its value during the week. However, its value is up 1.5% over the reporting period to $1,270.

The biggest loser appears to be Solana (SOL), which is down 55% in the last week alone. The token has left the top ten cryptocurrencies by market cap and trades at $15, with more than an 8% decline today alone.

Many expect that the token would still slide further. This is especially so with current market conditions and FUD surrounding the network due to its affiliations with FTX.

In the past 24 hours, over 36,000 traders were liquidated, losing over $72 million. Most of the liquidations happened on Binance due to traders that had long positions on BTC and ETH.

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