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Elon Musk Effect? Dogecoin Holders Buck FTX Contagion, Over 62% Remain Profitable

Benzinga
Benzinga
 2022-11-30
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Dogecoin DOGE/USD holders fared well even as the FTX FTT/USD contagion spread, sending shockwaves through the overall crypto market.

What Happened: According to data from CoinMarketCap, over 62% of Dogecoin holders still remain profitable.

DOGE was trading at $0.10, up 21% in the last seven days, at the time of writing. The rise can be attributed to speculations that Elon Musk-led Twitter is about to launch a payment service that would accept DOGE.

The belief that Musk would build his own 'Tesla Phone' if Twitter were to be delisted from all major mobile app stores has given the coin strength, boosting the price.

Additionally, there were rumors on Twitter that Ethereum ETH/USD co-founder Vitalik Buterin and Musk would collaborate to improve the DOGE network.

Price Action: At the time of writing, ETH was trading at $1,268, up 4.47% in the last 24 hours, according to Benzinga Pro.

Read Next: Dogecoin Tops Bitcoin, Ethereum Gains: Analyst Sees Apex Crypto At $18K If It Takes Out This Level

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