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Elon Musk Effect? Dogecoin Holders Buck FTX Contagion, Over 62% Remain Profitable

Dogecoin (CRYPTO: DOGE) holders fared well even as the FTX (CRYPTO: FTT) contagion spread, sending shockwaves through the overall crypto market.

What Happened: According to data from CoinMarketCap, over 62% of Dogecoin holders still remain profitable. 

DOGE was trading at $0.10, up 21% in the last seven days, at the time of writing. The rise can be attributed to speculations that Elon Musk-led Twitter is about to launch a payment service that would accept DOGE.

See Also: Best Crypto Apps

The belief that Musk would build his own 'Tesla Phone' if Twitter were to be delisted from all major mobile app stores has given the coin strength, boosting the price.

Additionally, there were rumors on Twitter that Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin and Musk would collaborate to improve the DOGE network.

Price Action: At the time of writing, ETH was trading at $1,268, up 4.47% in the last 24 hours, according to Benzinga Pro. 
Read Next: Dogecoin Tops Bitcoin, Ethereum Gains: Analyst Sees Apex Crypto At $18K If It Takes Out This Level

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