The 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 only next to Bitcoin (BTC). However, the milestone was ambiguously met with double digits in red. Now, the Ethereum (ETH) post-Merge action seems to finally bore fruit for Dogecoin (DOGE), as the Japanese dog-themed coin is back in the green with 7% weekly gains.
#DogecoinToTheMoon Is Trending On Twitter
The strong community support wasn’t left 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 the moon.
Crypto enthusiasts are having lots of fun on Twitter this Tuesday afternoon, some citing Elon Musk’s “Fate loves irony” quote, with a video titled “To The Moon”, as the trademark black bandana wearing Musk explains how Dogecoin (DOGE), the cryptocurrency created as a joke, could be idolized so much to become the centerpiece of an advanced financial system. Some Dogecoin (DOGE) supporters picture a gigantic Shiba Inu dog conquering the world, while Elon Musk sits on top of DOGE, holding the trophy.
Dogecoin’s (DOGE) Price Rebound Efforts
On the other hand, Dogecoin’s (DOGE) bounce back is partly thanks to Ethereum (ETH) whales. The increased whale activity in the last fortnight is seen in the statistics provided by the crypto analysts Bonzai Trade. Moreover, 6 new Dogecoin (DOGE) whales scooped up over $620 million of $DOGE just last week. 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 is amongst the greenery this week, slightly increasing by 3.2% in the last 24 hours. In weekly terms, the Japanese safeguard dog-themed cryptocurrency luxuriates in a 7% price growth, despite an unforgiving bear market.
— Bonsai Trade (@bonsai_trade) September 26, 2022
On the Flipside
- Despite a gainful week, Dogecoin (DOGE) is down by 69.6% in yearly terms.
- Elon Musk’s tweets on Dogecoin (DOGE) have a lesser effect on DOGE’s market price.
- Dogecoin (DOGE) developers are vague about the launch date of the Layer-2 solution with BluePepper.
Why You Should Care
Memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are becoming a larger part of the crypto pie. Dogecoin (DOGE) became the second largest PoW cryptocurrency, whilst Shiba Inu (SHIB) developer team is working on an entire Web3 ecosystem.
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