Friday, October 22, 2021

Elon Musk boosts Dogecoin again amid fresh ‘strong interest’ in altcoins

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Dogecoin (DOGE), the meme-based cryptocurrency that could be a pet favourite of Elon Musk, has a brand new date for its worth diary — Musk’s look on Saturday Night time Reside.

In a tweet on Wednesday, Musk described himself as “The Dogefather” as he prepares to host the favored American tv present on Might 8.

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Musk is well known for his PR stunts in relation to Dogecoin, with social media posts typically sparking worth good points — one thing which has additionally benefited Bitcoin (BTC).

A well-known state of affairs for Dogecoin followers, Musk’s newest spherical of publicity instantly fuelled a rebound in DOGE/USD, which was up 20% in hours on the time of writing.

Bitcoin’s earlier worth dip had price the altcoin sector dearly, with DOGE bottoming far beneath its current document excessive of $0.47.

That peak had additionally been triggered partly by Musk, who had promised to “put a literal Dogecoin on the literal moon” by way of the most recent rocket launch of one in every of his firms, SpaceX.

Final week noticed an improvised “vacation,” dubbed “Dogecoin Day,” try to run up the DOGE worth to a stratospheric $4.20 in time for the launch, a transfer which finally fell far short of expectations.

DOGE/USD 1-day candle chart (Bittrex). Supply: TradingView

Analyst eyes broad altcoin energy

The newest tweet nonetheless immediately positioned DOGE within the prime three every day movers with 20% good points to $0.32, beating Ether (ETH), which had itself just posted new all-time highs.

Bitcoin continued to vary, in the meantime, failing to cement $55,000 help in a boon for these anticipating a continuation of “alt season 2.0.”

“This current restoration in Altcoin Market Cap is far sharper than the post-retrace restoration in February,” fashionable Twitter account Rekt Capital commented on Tuesday, evaluating totally different retracements in 2021.

“Even the precise -17% April retrace itself is shallower than the one again in February. These are all indicators that time to a powerful curiosity in direction of Altcoins generally.”

Altcoin market cap actions chart. Supply: Rekt Capital/ Twitter

Unsubstantiated rumors that Fb would announce a BTC allocation in its quarterly earnings due in a while the day supplied some bullish counterpoint to the temper.