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Mooners & Shakers: Dogecoin pumps on Musk Twitter takeover, bounds past Cardano

Dogecoin has been the leader of the pack since its No.1 fan, Elon Musk, took the Twitter leash, up more than 100 per cent for the week.

Rob BadmanCoinhead
The future might be so bright for Dogecoin that it has to wear shades. Picture: Getty Images
The future might be so bright for Dogecoin that it has to wear shades. Picture: Getty Images
3 min read
12:29PMOctober 31, 2022
Stockhead

The crypto market saw some exuberance this weekend. Can you trust it to hold?

Doubtful but we’ll know more come Monday-morning trading in the US.

Meanwhile, Dogecoin has pumped, because … Elon Musk.

Can October still register as an official “Uptober” crypto month? There’s still time, although it might only just scrape it in.

We're holding on to the 'Uptober' dream! Picture: supplied
We're holding on to the 'Uptober' dream! Picture: supplied

The weekend’s trading action for crypto helped, with Bitcoin pumping from barely $US20k to almost $US21k at one point and Ethereum taking that baton and surging more dramatically above $US1,600.

Things have pulled back a tad since then, at the time of writing.

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There’s still a chance for Moonvember, right? Especially if the US Federal Reserve at the very least says there’s half a chance of taking the foot off the rate-hiking gas some time in the not too distant.

But anyhoo, Dogecoin was the real frothy, slobbery story into, and across, the weekend – still on the back of the Elon Musk Twitter takeover.

Here’s the crypto majors chart, and we’ll talk about it further below.

Top 10 overview

With the overall crypto market cap at $US1.06 trillion, down about 1 per cent since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

DOGE has curled up and taking a breather, but you shoulda seen it go on the weekend, and maybe you did.

At the time of writing, it was up more than 91 per cent over the past seven days (editor’s note: by noon AEDT it was up 104 per cent for the past seven days) and it’s risen more than 40 per cent since Elon “Dogefather” Musk bought Twitter, fired its top execs and moved in with his kitchen sink.

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The billionaire, as you very likely know, is DOGE fan numero uno, having promoted the coin via tweets ad nauseam and enabled it as a means of payment for Tesla merch.

On Sunday (AEDT), it bolted past two of the leading layer 1 protocols – Cardano and Solana – for the first time in, like, forever.

And there’s been a good deal of speculation that Musk plans to somehow support the application of Dogecoin on Twitter.

Bet Cardano founder Charles Hoskinson just loves that. Hang on, wait … now that Musk has Twitter on his leash, is Chuck suddenly swinging around to the DOGE narrative??

Here he is, too, suggesting the leading dog-based memecoin, a blockchain in its own right, migrate over to the Cardano ecosystem as a sidechain.

Even calls-it-as-he-sees-it veteran trader Peter Brandt (known for noting past tops on markets) is getting in on the Dogecoin positivity.

The US chartist has noted that DOGE has now surged with “upside violation” from its bear channel, which he seems to claim has ended the bear market – for the meme coin at least.

Jeez, if DOGE can do it …

(Not financial advice.)

Uppers and downers: 11–100

Sweeping a market-cap range of about $US8 billion to about $US437 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Chiliz (CHZ), (market cap: $US1.18 billion) +15 per cent

• The Sandbox (SAND), (mc: $US1.29 billion) +7 per cent

• Algorand (ALGO), (mc: $US2.5 billion) +6 per cent

• Fantom (FTM), (mc: $US601 million) +6 per cent

• Tokenize Xchange (TKX), (mc: $US1.75 billion) +6 per cent

DAILY SLUMPERS

• Klaytn (KLAY), (market cap: $US835 million) -16 per cent

• Shiba Inu (SHIB), (mc: $US7 billion) -16 per cent

• Frax Share (FXS), (mc: $US447 million) -5 per cent

• Chain (XCN), (mc: $US1.06 billion) -5 per cent

• Mina Protocol (MINA), (mc: $US448 million) -4 per cent

Lower-cap wrap

Time to put on the sewage suit. A tentative exploration deeper into “sh*tcoin” territory. Where high risk meets occasional reward and the odd gem. Here’s what’s catching our eye.

DAILY PUMPERS

• Stader (SD), (market cap: $US3.9 million) +44 per cent

• Lazio Fan Token (LAZIO), (mc: $US33 million) +25 per cent

• Gala (GALA), (mc: $US328 million) +20 per cent

• Dejitaru Tsuka (TSUKA), (mc: $US53 million) +19 per cent

• Ethernity Chain (ERN), (mc: $US43 million) +14 per cent

DAILY SLUMPERS

• Floki (FLOKI), (market cap: $US93 million) -19 per cent

• NOIA (NOIA), (mc: $US20 million) -15 per cent

• XEN Crypto (XEN), (mc: $US1.23 million) -13 per cent

• Kishu Inu (KISHU), (mc: $US49 million) -12 per cent

• Gains Network (GNS), (mc: $US99 million) -9 per cent

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse …

This content first appeared on stockhead.com.au

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Original URL: https://www.theaustralian.com.au/business/stockhead/mooners-shakers-dogecoin-pumps-on-musk-twitter-takeover-bounds-past-cardano/news-story/b71840518b6c256f751a5f24e5fa4fd6