Dogecoin bucked 24 hours of cryptocurrency market losses to make a significant gain.
DOGE climbed 6% for the second consecutive day after it was revealed earlier in the week that Tesla entrepreneur Elon Musk, its most famous backer, has become Twitter’s largest shareholder and will join its board.
Musk, who also owns SpaceX, bought a $2.9 billion stake in the social media network, which he has used in the past to stoke interest in DOGE among his more than 80 million followers.
He now owns 9.2% of Twitter, more than four times the amount held by founder Jack Dorsey, and said he will look to drive through improvements to the platform. Twitter has revealed that it is working on an edit button.
He also tweeted that bot profiles which flood people’s feed with crypto scams are the “single most annoying problem on twitter imo”.
Meme coin DOGE was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. It had topped 16 cents by the time of writing (7am UK) thanks to the rise, which leaves it 13% up over the course of a week.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – lost 3% in the last 24 hours. BTC is around $45,375 and down 4% in a week.
Ethereum, the second most valuable crypto coin – created as a decentralised network for smart contracts on the blockchain – dropped 4% to around $3,350. ETH, set for a huge upgrade soon, is down 1% over the course of a week.
Binance Coin is a cryptocurrency created by popular crypto exchange Binance to assist its aim in becoming the infrastructure services provider for the entire blockchain ecosystem. Its BNB token shed 2% to $443, leaving it 2% up over seven days.
Solana is a blockchain built to make decentralised finance accessible on a larger scale – and capable of processing 50,000 transactions per second. Its SOL token lost 5% to $127 but is 14% up on its price last Wednesday morning.
Terra, described as a programmable money for the internet and the year’s stellar performer, added 1% for a second consecutive day. Its payment token LUNA is now at $117, up 10% in a week.
The XRP token of Ripple, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP shed 1% to 82c, which leaves it 6% down over seven days.
Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, dropped 4% to $1.16. It is down 3% over the course of a week.
Avalanche, a lightning-quick verifiable platform for institutions, enterprises and governments, came out of nowhere months ago to break into the top 10 currencies. Its AVAX token is below $91 following a 6% loss in the last 24 hours, and down 2% in a week.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralised web. Its DOT token, which aims to securely connect blockchains, is at $21.66 following a 5% fall and 3% lower than its price a week ago.
The overall market cap of the more than 18,700 coins is at $2.1 trillion, a 3.3% decrease in the last 24 hours.
To see how the valuations of the main coins have changed in the last few days, click here.
For valuations of the top 250 coins by market cap plus 24-hour price change and volume traded, see below.