Dogecoin Gains After Musk Tweets, Synthetix Hits $200m
DOGE was among the hardest hit of the major cryptos on Saturday, tumbling as much as 20% at one point. The meme-based token has recovered somewhat since then and was trading higher on Monday morning, according to CoinMarketCap.
SNX also saw heavy losses over the weekend, plunging as much as 25% at one point. The decentralized synthetic assets platform has staged a slight recovery since then on Monday morning.
Dogecoin (DOGE) and Synthetix (SNX) tokens saw volatile trading over the weekend, with DOGE experiencing a jump from 5 cents to over 5.8 cents on Sunday morning. This spike was due to a tweet from technology entrepreneur Elon Musk, in which he announced his continued support for Dogecoin. In response to a reply, Musk also stated that he was buying DOGE.
The weekend’s volatility was not limited to just these two tokens, as the broader crypto market fell and then staged a brief recovery on Monday. However, DOGE and SNX were both affected by this overall trend. For investors, it is important to monitor the market closely to make profitable decisions.
Dogecoin has seen a surge in popularity in recent months, thanks in part to the support of Tesla CEO Elon Musk. DOGE rose to as much as 6.3 cents on Monday morning before dropping back to 5.7 cents at writing time. Musk’s electric car company Tesla accepts DOGE as payments on its merchandise store, and Musk has previously stated he was “working with Dogecoin developers” to improve its efficiency.
While some have speculated that Musk’s support is nothing more than a joke, others believe that he genuinely believes in the potential of Dogecoin and is helping raise awareness about cryptocurrency. Whatever the case may be, there’s no doubt that Dogecoin has been benefiting from the extra attention.
SNX tokens
The rise of SNX tokens can be attributed to a number of fundamental catalysts. Firstly, Synthetix is one of the first decentralized finance (DeFi) applications. This gives it a first-mover advantage in the promising DeFi space. Secondly, the platform has seen strong adoption growth in recent months, with users flocking to its synthetic assets capabilities. Finally, Synthetix has announced a number of partnerships and integrations that could further increase its user base and drive adoption.
These factors together led to a perfect storm for SNX token price appreciation. The DeFi space is still in its early innings, and Synthetix is well-positioned to capitalize on this growing trend. With strong adoption growth and numerous partnership announcements, the future looks bright for SNX holders.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
