Market Wrap: Dogecoin’s October Finale Trumps All Other Major Cryptos

Dogecoin (DOGE) was recently up 8% to continue its late October surge. The popular meme coin, which was created to mock the speculative nature of cryptocurrencies, spiked late last week as billionaire entrepreneur and DOGE advocate Elon Musk neared the completion of his $44 billion purchase of Twitter. Over the past four days Musk has asserted his control over the social media platform. On Monday, he ousted Twitter’s nine-person board.

As CoinDesk analyst Glenn Williams wrote, DOGE’s price fluctuations seem to stem from the power of Musk’s personality and a passionate dogecoin community than the macroeconomic indicators that have been influencing bitcoin, ether and other major cryptos for months. DOGE’s rise may correlate with excessive liquidations and a likely short squeeze, and the token may offer a shorting opportunity, Williams wrote.

Bitcoin (BTC) spent Monday in the red and was recently down about 1.3% over the past 24 hours, although the largest cryptocurrency by market value remained comfortably over the $20,000 perch it assumed last week. Ether was up similarly over the same period and was changing hands above the $1,500 level that the second-largest crypto assumed a week ago.

The CoinDesk Market Index (CMI), a broad-based market index that measures the performance of a basket of cryptocurrencies, recently rose 0.5% over the past 24 hours.

In traditional markets, the tech-heavy Nasdaq, Standard & Poor’s 500 and Dow Jones Industrial Average (DJIA) all closed lower, although the indexes enjoyed a strong month amid faint hopes the U.S. Federal Reserve will ratchet back its hawkish monetary policy early next year. Investors will be eyeing the latest Federal Open Market Committee interest rate hike, which is widely expected to be a robust 75 basis points.

By Glenn Williams Jr

Crypto markets fell on the final day of October, with bitcoin (BTC) declining 1.2% and ether (ETH) falling 1.8%. The two largest cryptocurrencies by market capitalization ended the month up 5% and 17%, respectively.

Dogecoin (DOGE), the Shibu-Inu themed meme coin, led all gainers for October, rising 102%, about 90% of which occurred during the last week. DOGE remains a top 10 cryptocurrency by market capitalization at approximately $15.6 billion.

Unlike BTC and ETH, whose fortunes appear tied to macroeconomic factors, burn rates and centralized exchange balances, dogecoin’s appeal appears to stem from community, personality (Elon Musk) and the opportunity for outsized gains within a rapid period of time.

Read the full technical take by CoinDesk analyst Glenn Williams Jr.

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.