Dogecoin Winner Of A Mostly Bearish Week For Crypto

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Whereas the first week of April looked rather bullish and provided many winners, the second week proved a reversal point and so we’re back to where we started at the end of Q1 almost. Bitcoin seems unwilling to break above $45k and buyers are scooping it up as soon as it falls below $40k.

One clear winner of the past week (when looking at the 20th biggest crypto coins), although the gains are rather abysmal with 1% in 7 days, was Dogecoin, mostly profiting from Elon Musk’s Twitter stake.

Everyone on Twitter knows of Elon’s fondness for Dogecoin and thus when it was revealed earlier this week that the Tesla CEO had acquired a 9% stake in Twitter, Doge saw a first bump of 8%, which later evaporated. We then already asked whether Dogecoin could ultimately profit.

Subscription fee

However, it now seems that all hope for a Dogecoin boost for Twitter is not in vain, as even this weekend, when Musk made the suggestion to charge a subscription fee for Twitter in exchange for a blue checkmark, he added that the social media company’s board should consider allowing the subscription fee to be paid in Dogecoin. As a result, the memecoin jumped another 5% initially, which later also evaporated as the crypto market suffered a selloff.

We’re coming #Dogecoin $DOGE #DOGE pic.twitter.com/bCcOjNvdxk

— 💸💸💸 (@itsALLrisky) April 5, 2022

Last year, Doge went on a run in the months preceding Elon’s appearance on Saturday Night Live (SNL), topping at around 75 cents. It has since slid back to some 15 cents but still remains well balanced in 2022 altogether and has never lost its place in the CoinMarketCap top 20. Musk’s appreciation of the coin with the Shiba Inu dog on it has never faded apparently.

Although other memecoins (and memestocks for that matter) seem to come and go, Dogecoin could just be a remainer.