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Will DOGE outplay SHIB, PEPE, and FLOKI amid this speculation around…

Press Releases Crypto News AMB-Crypto Will DOGE outplay SHIB, PEPE, and FLOKI amid this speculation around…

Dogecoin’s price rallies materially. Elon Musk plays a role.
Other memecoins fail to see similar growth, traders turn pessimistic.

Despite the market’s instability and regulatory scrutiny faced by altcoins, Dogecoin [DOGE] was able to maintain a rally for the past few weeks. Traders and investors of this meme-based cryptocurrency have persisted in accumulating significant amounts of DOGE despite the unstable market conditions.

Is your portfolio green? Check out the Dogecoin [DOGE] Profit Calculator

Who let the DOGE out?

According to Santiment’s data, DOGE’s price appreciated by 25% in the past two weeks. There was a surge in the number of traders showing interest in DOGE, which resulted in this spike in price.

Due to this recent rally, several DOGE holders have started to get profitable as showcased by the increasing Market Value to Realized Value (MVRV) ratio.

Source: Santiment

He Musk be stopped

One of the reasons for the surge in interest in DOGE could be attributed to Elon Musk’s recent behavior with regard to X.com, formerly known as Twitter. The rebranding and renaming of the website led many speculators to believe that DOGE may serve a larger purpose for the website in the future.

Elon Musk did little to curb the speculation around DOGE and X. Instead, he further implied that the memecoin will have a pivotal role in the functioning of the website.

This was showcased by Musk’s recent location on his profile, which features both the letters, “X” and “D”. The latter could be presumed to be stand symbolizing DOGE. Furthermore, Elon’s behavior can lead to more market speculation and may impact DOGE’s price in the future.

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Author: Himalay Patel

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