In a bearish market, it may happen that certain cryptos are positioned on an uptrend. This is what the DOGE realized. Let’s find out what spurred this crypto backlash.
Elon Musk and His Twitter Takeover Plan Cause Crypto to Rise
For several days, the DOGE seems to no longer follow the driving downtrend that prevails in the crypto market. Unlike the majority of other cryptos, it has been in the green for several days. It has also found itself in the ranking of the best performing cryptos of the last seven days. Many analysts believe that this performance is, among other things, the result of the potential acquisition of Twitter by Elon Musk.
For information, the billionaire has already given his support to crypto, several times before. Some suspect him of having interests in the ecosystem. A design widely shared in the DOGE community. But Musk denies it.
“I intend to personally support Dogecoin, because I know a lot of people who are not very rich and who encouraged me to buy and support Dogecoin (…) They asked me to support Dogecoin , so I do it”he explained.
After fundamentally and technically analyzing the price of the crypto, an analyst said DOGE, showed high levels of correlation between Musk-related events and the positive performance. Therefore, it could continue its momentum, once the acquisition of Twitter is formalized.
It all started with The Merge
But DOGE’s better health didn’t start in October. In September, it had recorded a generally positive month, when all the biggest crypto ecosystems saw red. The price rose on the positive sentiment of investors, who expected all cryptos to rise thanks to the Merge of Ethereum, explains the firm Kraken Intelligence.
Ether (ETH) has recorded a loss of 14% over the past 30 days. Bitcoin (BTC), meanwhile, posted a loss of 3%.
Twitter’s acquisition by Elon Musk could pave the way for crypto to be used on the platform. This possibility is already causing some players in the crypto market to react. Dogecoin (DOGE) has gained 12% over the past two weeks and is currently trading at $0.06. The upturn also serves as an exception in a market that has been seeing red for several months.
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