Dogecoin beats Bitcoin’s gains

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Updated November 1, 2022 | Published November 1, 2022

2 mins read

Dogecoin has seen another enormous jump in its performance, and it’s again mostly attributable to Musk.

Dogecoin is making a comeback with another positive headline, this time being dubbed a “top performer” by CoinDesk thanks to it topping the CoinDesk Market Index (CMI).

Dogecoin rose more than 100%, which is a lot more than the 7% growth the CMI saw overall.

And, if for some reason you haven’t guessed it yet, that’s most probably thanks to Elon Musk and his twitter deal.

Musk, who has had a rocky history with endorsing or slamming different aspects of crypto, has himself said he can be regarded as the “Dogefather”.

That’s mostly because he has been very intimately linked to the performance of the coin, with positive tweets by Musk usually boosting Dogecoin’s price.

His relation to crypto has been well-established by this point, as something as simple as a few tweets can – at least in immediate terms – affect a coin’s price.

A short series of tweets back in September 2021 nearly destroyed Shiba Inu, which is largely considered a successor to Dogecoin.

Dogecoin’s price has been influenced by Musk for the longest time, and he has singlehandedly proven that he most likely deserves the Dogefather moniker.

The spikes in Dogecoin can be easily traced back to Musk’s twitter activity, with him frequently supporting the Shiba Inu inspired coin.

Although also receiving Musk’s support, Bitcoin (BTC) has been rather immune to fluctuation caused by him alone. While it’s seen some recovery signs lately, BTC’s 5.5% monthly climb is looking less impressive when compared to what Dogecoin has done.

With Ethereum being the third cryptocurrency that Musk deemed “worth investing in”, a similar narrative can be constructed around Ethereum’s 18% gain, which at least still has the Merge on its side.

However, none of these figures give enough information about the long-term future of the coins. What’s more important right now is perception and generating more investor interest. As Bitwise CEO Hunter Horsley outlined, BTC’s dip can and should be conceived as an investment opportunity.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.
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