This week, the cryptocurrency market could see an almost global increase, but the Dogecoin (DOGE) rate was supported by the formalization of the purchase of Twitter by Elon Musk. Thus, in 7 days, the capitalization of Memcoin more than doubled, exceeding the capitalization of Solana (SOL) and Cardano (ADA) blockchains.
Big week for Dogecoin (DOGE)
This week has been a good one for all cryptocurrencies following the rise of Bitcoin (BTC) as a result of a combination of favorable economic factors, in particular after the release of positive quarterly results from most major US companies. But despite this near-universal growth, some cryptocurrencies do stand out.
This is the case of Dogecoin (DOGE), that cryptocurrency created in 2013 that has never been more than a simple joke. And yet, at the time of this writing, DOGE is ranked 8th in the ranking of cryptocurrencies by market capitalization.
Indeed, where BTC and Ether (ETH) surged 7.7% and 21.6% respectively, DOGE outperformed the rest of the market with a meteoric rise of 111% over the same period.
As such, the now-famous Shiba Inu cryptocurrency was able to capitalize on the overall momentum of the market, as well as Elon Musk’s purchase of the Twitter platform, an acquisition that could be settled in court. which was finally completed this week.
Indeed, DOGE is well known as the billionaire’s favorite cryptocurrency, to the point that it can sometimes even be used as a means of payment in Tesla, the company whose CEO is Elon Musk.
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Thus, Dogecoin has benefited from quite a noticeable momentum and also proves that its price remains highly correlated with various unpredictable external factors, which causes sudden waves of buying. Also, if we look at the Relative Strength Index (RSI) indicator, we can see that DOGE was pretty much overbought during the week.
DOGE price action with overbought area labeled above 70 at the bottom of the screenshot.
While this does not necessarily herald the same sudden drop in price as its recent rally, it could at least herald a correction or less volatility in the short term.
In parallel with the overall increase in trading volume on DOGE, we can also see a significant increase in the number of transactions for whales.
The number of transactions on DOGE worth more than $100,000.
Consequently, DOGE’s market capitalization has also increased significantly. Indeed, the latter just topped $8 billion earlier in the week and more than doubled in a week to hit $19.8 billion at its highest level on October 29th. However, DOGE capitalization continued to grow by more than 17.5% over the past 24 hours.
Thus, DOGE has surpassed Solana (SOL) and Cardano (ADA) in market capitalization, once again placing it in 8th place on the cryptocurrency podium.
👉 Read also – Twitter: Elon Musk fires CEO and CFO, Binance supports his cause
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