– Dogecoin (DOGE) experienced a 10% surge on Tuesday, marking its largest single-day gain since April 3.
– The cryptocurrency has seen a 25% increase over the past two weeks, with speculation suggesting it could be used as a payment mechanism on Twitter’s rebranded platform.
– Markus Thielen, head of research and strategy at Matrixport, believes that as other crypto themes take a backseat, DOGE may become the highflyer of the summer.
– BTC (Bitcoin), on the other hand, remained close to a one-month low, barely above $29,000, as investors await the U.S. Federal Reserve policy announcement today.
Meme cryptocurrency Dogecoin (DOGE) experienced a 10% surge on Tuesday, marking its largest single-day gain since April 3rd. Over the past two weeks, DOGE has gained 25%, driven by speculation that it could be utilized as a payment method on Twitter’s rebranded platform.
DOGE as a Highflyer
With the cryptocurrency market experiencing a lull in the summer months, Dogecoin might emerge as the standout performer. Markus Thielen, the head of research and strategy at Matrixport, believes that DOGE could outperform other crypto themes during this period. He points to Elon Musk’s efforts in re-inventing Twitter as a driving force behind DOGE’s potential success.
Bitcoin Remains Near One-Month Low
Bitcoin (BTC), on the other hand, continues to hover just above $29,000, marking its lowest point in a month. The market is eagerly anticipating the U.S. Federal Reserve’s policy announcement, which is set to be released later today. Investors are hoping for insights into the central bank’s plans and how they may impact the cryptocurrency market.
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