Dogecoin Leads Cryptocurrency Gains in October, Gaining 17x Bitcoin

A bone has been given to DOGE.

Dogecoin (DOGE), a dog-inspired memecoin often associated with electric car mogul and now Twitter owner Elon Musk, was listed on the CoinDesk Market Index (CMI) in October The best performer of all 150 Crypto assets. .

Englishigue a CoinDesk en

“Please call me Godfather,” Musk said in an appearance on NBC’s “Saturday Night Live” in May 2021. In January 2021, Musk tweeted a picture of himself and a Shiba Inu A photo of the dog, the dog breed that inspired Dogecoin.

At one point, Musk suggested — maybe jokingly, maybe not — charge 0.1 DOGE per tweet.

Digital asset investment fund QCP Capital wrote on Telegram on Monday that Dogecoin is growing “on the back of excitement over Elon Musk’s acquisition of Twitter.” “Musk’s tweets have caused price changes in the past, and he even suggested using DOGE as a payment method to sign up for Twitter.”

Katie Talati, head of research at crypto asset manager Arca Funds, said the recent spike in Dogecoin trading “has a lot to do with speculation,” a mania similar to last year’s Dogecoin stock mania.

“It’s the same people who deal with GameStop and AMC,” Talati added. “It’s a coin that’s generating a lot of retail interest.”

CoinDesk Market Index Member

Among WCC constituents, Mask Networks’ MASK token was the second-best performer in October, up 96%, followed by decentralized cryptocurrency exchange SushiSwap’s SUSHI token, up 45%. Last week, the decentralized autonomous organization (DAO) SushiSwap approved the reorganization.

Ethereum’s performance this month was partly due to the squeeze on short positions last week. The cryptocurrency has benefited from new speculation after last month’s blockchain crash, which left PoW systems behind and introduced a more energy-efficient proof-of-stake mechanism. The change also has the ability to drastically slow down the rate at which the blockchain generates new tokens, meaning a reduction in global supply.

Bitcoin was the most neutral this month, but bulls were excited to see the price breach $20,000 for the first time in 18 days.

Talati believes ETH’s outperformance over BTC is due to “market structure” — given that traders are short ETH rather than BTC — and doesn’t mean “something is fundamentally changing.”

“Bitcoin doesn’t have a strong narrative right now, and ETH has a consolidated narrative,” he said.

loss in october

ERC-20 token Rally (RLY) saw the biggest drop in the October WCC with a 33% drop.

The native token of CEL, the insolvent Celsius Network cryptocurrency lending platform, fell 27% after reports that its former CEO Alex Mashinsky withdrew $10 million in the weeks before the company froze customer accounts.

Another big loser is the Terra Luna Classic LUNC token, which is also down 31% this month. The result could dash traders’ hopes for a recovery after the May network crash.

The LUNA native coin of the Terra 2.0 blockchain, a fork from Terra Classic, is down about 1% this month. In October, its controversial co-founder Do Kwon denied allegations that he was fleeing authorities, despite Interpol issuing a “red notice” for his arrest in September. Earlier this month, Terra developers attempted to revive the LUNA ecosystem and increase user activity through the token.

What’s waiting for us in November? “From an advertising perspective,” Talati said, the World Cup could spark interest in sports fan tokens like Chiliz (CHZ).

He also said he “would not be surprised” to see cryptocurrency signs in stadiums during games, similar to what Coinbase did when it placed QR codes during the Super Bowl in February.

Dogecoin is likely to continue in a sea of ​​speculation. “At the end of the day, there are no financial applications built on top of it,” Talati said.

This article was translated by Natalia Paulovsky.

Source of information: Compiled from COINDESK by 0x information.The copyright belongs to the author Jocelyn Yang, and may not be reproduced without permission

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