Dogecoin price surged over the weekend, defying the latest trend where most cryptos are on a downtrend.
Musk Says He Will Continue Buying DOGE, Surging its Price by 6.3 Cents
Dogecoin (DOGE), the native token on the Dogecoin Blockchain, returned volatile trading over the weekend even as most cryptos plummeted with huge margins but stated brief recoveries on Monday.
DOGE shot up from 5 cents to 5.8 cents in the morning hours of Sunday after Elon Musk, the founder and CEO of Tesla, tweeted that he would keep buying DOGE despite the fact that it has lost 90% of its value in the last 18 months. He was replying to a user on Twitter who asked him to keep buying Dogecoin.
The coin’s price rose by as much as 6.3 cents in Early Asian hours (Sunday) before dropping slightly to 5.7 cents by the time of going to press. The slight drop resulted from traders taking off their profits.
This is not the first time that DOGE is experiencing a surge following Musk’s expression of support. On 28th March, Musk made the price of DOGE shoot up by 10% after expressing his desire to develop a social media network, and respondents suggested he buy Twitter and change the logo to a Dogecoin. He replied that that was an “excellent idea.”
Tesla, Musk’s electric car, already accepts DOGE for payments in its merchandise stores. Musk had also indicated that he was working with DOGE developers to help enhance its efficiency.
Elsewhere, Synthetix’s SNX token shot up by 85% on Monday, driven by fundamental catalysts. The Ethereum-based exchange was one of the pioneer decentralised finance (DeFi) platforms. The trading volume also rose to more than USD200 million within the same period. This was caused by the fast adoption of Atomic Swaps on the exchange that uses Uniswap and Chainlink.
Meanwhile, futures tracking SNX and DOGE accumulated USD11 million in losses to liquidations because of the volatility, according to data from CoinGlass.