Top dog memecoin Dogecoin (DOGE) has been on a rollercoaster lately, as Elon Musk’s beloved canine crypto became the 2nd largest PoW (Proof of Work) cryptocurrency, behind only Bitcoin (BTC). Stumping many, the milestone was ambiguously met with double digit losses. However, following Ethereum’s (ETH) post-Merge developments, things seem to be looking up for Dogecoin (DOGE), with the Japanese dog-themed coin residing comfortably in the green with 7% weekly gains.
#DogecoinToTheMoon Trends on Twitter
The meme coin’s strong community support hasn’t gone unnoticed. At press time, #DogecoinToTheMoon is still trending on Twitter, with many members of the DOGE Army posting light-hearted, optimistic memes in relation to DOGE’s ongoing journey to reach the moon.
Crypto enthusiasts are having lots of fun on Twitter this Tuesday afternoon, with some citing Elon Musk’s “Fate loves irony” quote. In a video titled “To The Moon”, a black bandana-wearing Musk explains how Dogecoin (DOGE), the cryptocurrency that was initially created as a joke, could be idolized so much that it becomes the centerpiece of an advanced financial system. Some Dogecoin (DOGE) supporters created the amusing image of Musk, affectionately called “the Dogefather”, sitting atop a gigantic Shiba Inu dog holding a trophy.
Dogecoin’s (DOGE) Price Rebound Efforts
Dogecoin’s (DOGE) bounce back has been partly thanks to Ethereum (ETH) whales. The increased whale activity recorded in the last fortnight is highlighted in the statistics provided by crypto analysts Bonzai Trade. The data reveals that, just last week, 6 new Dogecoin (DOGE) whales scooped up more than $620 million worth of $DOGE. Ultimately, this indicates an uptrend to levels unseen since mid-June.
At press time, Dogecoin (DOGE) trades at $0.061955, according to CoinGecko. Dogecoin’s (DOGE) market price has remained solidly in the green this week, recording a slight increase of 3.2% in the last 24 hours. In weekly terms, the Japanese, safeguard, dog-themed cryptocurrency is basking in price growth of 7%, despite the claws of the unforgiving bear market.
Just like every other coin in the #crypto market, @dogecoin had struggles in recent weeks but the last few days have been good to it.💯— Bonsai Trade (@bonsai_trade) September 26, 2022
The memecoin has gained some upwards momentum as signs of accumulation behavior by whales has been shown.🤑#Crypto #Trading #DeFi #Bonsai pic.twitter.com/8ovEqtNu5u
On the Flipside
- Despite a gainful week, Dogecoin (DOGE) is down 69.6% in yearly terms.
- Elon Musk’s tweets on Dogecoin (DOGE) have had a lessened effect on DOGE’s market price.
- Dogecoin (DOGE) developers have been vague about the launch date of the ecosystem’s Layer-2 solution in connection with BluePepper.
Why You Should Care
Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are becoming a bigger fish in the crypto sea, with Dogecoin (DOGE) becoming the second largest PoW cryptocurrency, while the Shiba Inu (SHIB) development team has worked fervently to introduce and improve an entire Web 3.0 ecosystem.
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