Mooners and Shakers: ‘Much wow’ as Dogecoin pumps on Musk Twitter takeover news and bounds past Cardano
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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.
The weekend’s trading action for crypto helped, with Bitcoin pumping from barely US$20k to almost US$21k at one point and Ethereum taking that baton and surging more dramatically above US$1,600. Things have pulled back a tad since then, at the time of writing.
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.
— David Gokhshtein (@davidgokhshtein) October 30, 2022
Here’s the crypto majors chart, and we’ll talk about it further below.
With the overall crypto market cap at US$1.06 trillion, down about 1% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
DOGE is curled up and taking a breather right now, but you shoulda seen it go on the weekend, and maybe you did. It’s presently up more than 91% over the past seven days and it’s risen more than 40% since Elon “Dogefather” Musk bought Twitter, fired its top execs and moved in with his kitchen sink.
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??
Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform.
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
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.
Should be a cardano sidechain. I'd do the migration for free. Hell I'd even add smart contracts
— Charles Hoskinson (@IOHK_Charles) October 28, 2022
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.
— Peter Brandt (@PeterLBrandt) October 30, 2022
Jeez, if DOGE can do it…
The 1 caveat is that this is NOT an active trade and it could take several more weeks to play out. DCA within this range and take profits after in my opinion.
— Altcoin Sherpa (@AltcoinSherpa) October 30, 2022
(Not financial advice.)
Sweeping a market-cap range of about US$8 billion to about US$437 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.)
• Chiliz (CHZ), (market cap: US$1.18 billion) +15%
• The Sandbox (SAND), (mc: US$1.29 billion) +7%
• Algorand (ALGO), (mc: US$2.5 billion) +6%
• Fantom (FTM), (mc: US$601 million) +6%
• Tokenize Xchange (TKX), (mc: US$1.75 billion) +6%
• Klaytn (KLAY), (market cap: US$835 million) -16%
• Shiba Inu (SHIB), (mc: US$7 billion) -16%
• Frax Share (FXS), (mc: US$447 million) -5%
• Chain (XCN), (mc: US$1.06 billion) -5%
• Mina Protocol (MINA), (mc: US$448 million) -4%
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.
• Stader (SD), (market cap: US$3.9 million) +44%
• Lazio Fan Token (LAZIO), (mc: US$33 million) 25%
• Gala (GALA), (mc: US$328 million) +20%
• Dejitaru Tsuka (TSUKA), (mc: US$53 million) +19%
• Ethernity Chain (ERN), (mc: US$43 million) +14%
Just on that LAZIO fan token there… those sorts of coins – football fan tokens, and in fact, anything vaguely football related (also, see Chiliz further above), might be something to keep an eye on as we head closer to the World Cup. It’s only three weeks away now.
Why would club team tokens pump ahead of an international tournament? Why would fan tokens pump at all? A sense of collective narrative and froth for the world’s biggest sporting event? We don’t make the rules.
• Floki (FLOKI), (market cap: US$93 million) -19%
• NOIA (NOIA), (mc: US$20 million) -15%
• XEN Crypto (XEN), (mc: US$1.23 million) -13%
• Kishu Inu (KISHU), (mc: US$49 million) -12%
• Gains Network (GNS), (mc: US$99 million) -9%
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…
The youtube scam comments are back in full force. Is the bull run back on?
— Scoriox ✨ ♊️ 🇦🇺895 (@kingscoriox) October 30, 2022
this is the metaverse mark zuckerberg doesn't want you to havepic.twitter.com/q0UbC4RXs1
— yzy.eth (@LilMoonLambo) October 30, 2022
Elon bought a social media website, so everyone pumped a dog memecoin 2x
we're in the middle of a global recession and this is still going on, if you dont think next cycle is going to be batshit insane you are wrong lol
— moon (we're back) (@MoonOverlord) October 29, 2022
Bitcoin drone show.
Lugano, Switzerland 🇨🇭 pic.twitter.com/6Lt9Dy8EqK
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 30, 2022
— steven.nelkovski ⚡️ (@stevennelkovski) October 30, 2022
Tune in later tonight. Should be good. I’ll jump in about 9pm after my kids finish stuffing their faces with lollies.
🎃 🦇 🧛♂️ 👻 🧙♀️ 🦴 🩸 ☠️ 🧟♀️ 🪦 🔪 https://t.co/nqthbN3SUq
— SEAN G – web3 Music: MODA / Emanate (@seanogardner) October 30, 2022
— Michael Saylor⚡️ (@saylor) October 30, 2022
It was too easy I can’t even blame him lmao pic.twitter.com/mToyGRTf54
— Lance🇱🇨 (@BornAKang) October 29, 2022