Dogecoin (DOGE) Breaks Correlation With Bitcoin (BTC) as Price Jumps 13%, Is This Permanent?
Dogecoin is charting its own growth path devoid of influencers like Elon Musk
Dogecoin (DOGE), the world’s largest meme coin, is showcasing bullish momentum in what appears to be a setup for a better week. The meme coin has added 2.90% to its growth rate over the past 24 hours atop a spot price of $0.0917. With more than 13% growth over the past seven days, the possibility that Dogecoin will eventually breach the resistance at $0.1 is looking feasible.
One major observation that has set Dogecoin’s current price momentum aside is breaking out of the correlation it has maintained with Bitcoin over the past few weeks. While Dogecoin is experiencing a green tick in both its daily and weekly growth, Bitcoin’s price on the daily has succumbed to bearish action and mild sell-offs.
What is hard to decipher now is whether the current upsurge in the price of Dogecoin that fueled the break in the correlation is temporary or permanent. As one of the most volatile digital currencies around today, Dogecoin has printed one of the most impressive growth rates in the industry for the year, and it is currently pegged at 31%.
Dogecoin and external inducements
By and large, Dogecoin has been free from external inducements from key influencers like Elon Musk over the past couple of days.
That the digital currency could maintain a consistent buy-up of DOGE without visible tweets from Musk is a display that investors in the cryptocurrency trust the future of the asset as it concerns its integration to showcase real world utility.
Besides the many business outfits where the cryptocurrency is being accepted as a means of payment, its role in the future of Twitter beyond serving as a temporary logo comes as one of the core fundamentals that investors are looking forward to.
