Make room, dog coins, Bitcoin and Ethereum are coming through again, bouncing off some support and reclaiming US$60K and $4K respectively. (Caveat: for now.)
In fact, several top coins are suddenly pulling back some of the losses they incurred in the overall crypto market correction of the past few days (certain canine meme coins aside).
At the time of writing, more than 90 per cent of the top 100 cryptos by market cap are back in green territory and posting solid 24-hour gains. And the overall crypto market has moved back up a percentage point, above US$2.7 trillion once again, according to CoinGecko data.
A dog-eat-dog crypto world
While the likes of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and others all seem to be reclaiming important levels of price support, the top-10 standouts, however, are… you guessed it… dog coins.
Settle down, Shiba Inu… down boy… Elon Musk’s pet project Dogecoin (DOGE) – unloved yesterday – is currently posting a 31 per cent gain in the past 24 hours.
DOGE is in a scrap with SHIB for the no.9 spot, a short time ago pushing the slobbering upstart back down a peg, although that seems to have reversed once again in the course of writing this article.
We suspected yesterday that Musk was due a DOGE tweet, and he came through with the goods… well sorta. The billionaire jokingly replied to Dogecoin co-creator Billy Markus (aka Shibeoshi Nakamoto), who posted a warning about the risks involved with crypto investing.
Guess any Dogecoin tweet’s a good tweet for DOGE investors. The coin started pumping not too long after Musk gave his busy thumbs a breather.
In a conversation with Forbes, British crypto trader and analyst Glen Goodman commented on the DOGE vs SHIB tussle. “This is turning into a real dogfight now,” said Goodman said via a Twitter DM with the news outlet, adding:
“Elon Musk could be the one to settle this, if he tweets to remind us he will soon be sending ‘a literal doge to the literal moon’, with his planned DOGE-1 satellite launch.
“Shib doesn’t have the might of Musk behind it but it’s currently the gamblers’ favourite. Let’s be honest, this isn’t investing, it’s barely even trading, this is gambling. By all means, have fun, but also be ready for a crash that will go down in crypto history.”