The largest meme currency on the market, Dogecoin, has had a strong price performance over the past 40 days and has been developing significant technical signs that point to a full-fledged change in trend in near future, which may help to explain the asset's high profitability.
Dogecoin, the largest memecoin by market, has shown a strong performance today, following a 6% increase. Most other major altcoins are in a similar position, with a few exceptions.
With slight changes over the weekend, most altcoins followed BTC's performance.
In the last day, Ethereum's value has dropped by almost 1% and is already approaching $1,250. The prices of Binance Coin, Ripple, Cardano, Polygon, Polkadot, Shiba Inu, and Litecoin remain essentially unchanged from yesterday.
The lone exception among the alts with bigger caps is Dogecoin. DOGE price is standing above $0.1 and has increased by 6% in a day.
Elon Musk, the new CEO of Twitter, sent a tweet that included slides from a recent business lecture he gave, which explains the reason for DOGE's week-long rise. "Payments" is mentioned on one slide, but nothing more is said. However, it was enough to spark the Doge Army's assumption that their preferred coin—which is also Musk's favorite—might serve as Twitter's official digital currency.
Dogecoin will benefit from this profitability since it sits in the midst of the meme coin's oversold and overbought price ranges. From the standpoint of holder composition, DOGE will have enough potential for more expansion and won't encounter any problems.
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On the other hand, if Dogecoin price fails to sustain the current purchasing pressure, Doge will face a reversal trend and bears will take control.
However, following Musk's takeover, Twitter apparently abandoned its ambition to include a native cryptocurrency wallet, which caused Dogecoin's price to decline and this is of course no good news for the famous memcoin.