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Crypto markets provide flat backdrop to Doge uplift on more Musk rumours

Sunday 27 November 2022 3:30 pm

Weekend trading in the cryptocurrency markets has more-or-less flatlined, with only Doge breaking radio silence.

The meme coin – often reported to be a favourite of Twitter chief Elon Musk – broke ranks in the early hours of Sunday morning when it began the start of a day-long uplift which propelled it to $0.10.

The movement coincided with Musk posting a collection of screen grabs he labelled as ‘Slides from my Twitter company talk’.

Eagle-eyed crypto fans were quick to point to one slide in particular which read ‘Payments’ next to a blank space. The lack of anything in the slide immediately led to a whirlwind of comments and speculation that the South African entrepreneur was, once again, teasing the possibility of using Doge on the platform.

As usual, there was nothing to back up, confirm or deny the rumours which soon spiralled out of control and triggered a 10% 24-hour uplift, which translated into a 25% seven-day rise.

The movement is, however, some way off Doge’s all-time high of $0.74 set in May 2021. Again, the sudden price lift then was credited to Elon Musk who had been talking up the $13.6 billion market cap crypto ahead of his appearance as guest host of Saturday Night Live.

But, as the end credits rolled, Doge plummeted after holders didn’t get the major advertising they were hoping for.

READ MORE: Doge dumps hard as fans cash out after Elon Musk’s SNL debut

Even without foundation, the ubiquitous Musk rumours have at least provided some sport. And it comes with a very enthusiastic 24-hour trading activity of around $1.6bn – that’s a whopping 75%.

Elsewhere, the markets have delivered little, with the excitement needle seemingly reluctant to venture any degree north or south of its comfy spot.

Bitcoin, trading at around $16,500 today, is pretty much the exact same price it was this time last week, and the same as it was yesterday.

Ethereum has barely budged an inch over the weekend, so far. But it has built by almost four per cent in seven-day price activity. It currently sits at $1,212.

Cardano is painting a similar horizontal picture at $0.32 – a position it has seldom drifted from for an entire week.

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