- Dogecoin has recovered to its worth in the first week of this month.
- The meme coin trades at $0.1027 with a seven-day cumulative gain of 39%.
- This week, the price of Bitcoin (BTC) has remained stable at around $16,500.
In an exciting turn of events, data from the market tracking website CoinMarketCap shows that the most popular meme token, Dogecoin (DOGE), has recovered to its price in the first week of November.
DOGE currently trades at $0.1027, with an over 7% increase in the last 24 hours and a seven-day cumulative gain of 39%. During this month, the meme coin had fallen as much as $0.07, its price five months ago in June.
The rapid increase in DOGE price rise may be related to rumors that the coin would be among plans for Twitter to incorporate crypto payments. The new billionaire owner of Twitter, Elon Musk, recently posted slides from a private Twitter lecture, highlighting potential modifications in Twitter 2.0, such as long-form tweets, encrypted DMs, and payment. However, the presentation was silent on the proposed payment option.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta— Elon Musk (@elonmusk) November 27, 2022
Among the top ten coins with the largest market caps, Dogecoin is the only token that has nearly regained its value as it was early this month before the FTX collapse. Generally, the crypto market is on a relief rally after seeing over $16 billion inflow within the last 24 hours.
This week, the price of Bitcoin (BTC) has remained stable at around $16,500. Yesterday, a crypto influencer proclaimed that BTC would experience another significant round of depreciation, given the performance of the S&P 500 index.
I know nobody wants to hear this … but if the S&P500 rejects this downtrend line … #BTC is NOT gonna handle it well with the damaged confidence we've seen recently. A stock market rejection would be double bad for Crypto pic.twitter.com/saojLLyaeJ— Kevin Svenson (@KevinSvenson_) November 28, 2022
The analyst believes investors would dump on crypto assets to join S&P 500 for more potential gain, as the recent bankruptcy of FTX heightened the FUD around the Bitcoin industry.
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