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

The popular meme coin was up more than 8% at one point as DOGE advocate Elon Musk asserted his control over Twitter.

AccessTimeIconOct 31, 2022 at 9:21 p.m. UTC
Updated Nov 15, 2022 at 12:01 p.m. UTC

Price Action

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.

Latest Prices

CoinDesk Market Index (CMI): 1,021.30 −1.0%

Bitcoin (BTC): $20,434 −1.3%

Ether (ETH): $1,569 −1.6%

S&P 500 daily close: 3,871.98 −0.7%

Gold: $1,636 per troy ounce −0.2%

Ten-year Treasury yield daily close: 4.08% +0.1

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at

Technical Take

Dogecoin’s 102% Spike Steals the Spotlight as October Ends

By Glenn Williams Jr

DOGE 10/31/22 (TradingView
DOGE 10/31/22 (TradingView

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.

Altcoin Roundup

  • Ether Sees Biggest Weekly Gain in 3 Months, ETH-BTC Rally to Continue: Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. The recent positive change in ether's tokenomics are helping the cryptocurrency outperform industry leader bitcoin. Read more here.
  • Dogecoin Futures Rack Up Nearly $90M in Liquidations Over Weekend in Unusual Move: Dogecoin trading over the weekend saw the Shiba Inu-themed meme coin reach a market capitalization of over $10 billion, adding over 90% in value over the past week. There’s some $647 billion of open interest on dogecoin futures as of Monday. Read more here.

Trending posts

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Mask Network MASK +19.39% Computing
Dogecoin DOGE +10.69% Currency
Samoyedcoin SAMO +10.54% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Gala GALA -17.1% Culture & Entertainment
Chiliz CHZ -11.6% Culture & Entertainment
The Sandbox SAND -6.5% Culture & Entertainment

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.


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James Rubin

James Rubin was CoinDesk's U.S. news editor based on the West Coast.

Glenn Williams

Glenn C Williams Jr, CMT is a Crypto Markets Analyst with an initial background in traditional finance. His experience includes research and analysis of individual cryptocurrencies, defi protocols, and crypto-based funds. He owns BTC, ETH, UNI, DOT, MATIC, and AVAX

Jocelyn Yang

Jocelyn Yang is a markets reporter at CoinDesk. She is a recent graduate of Emerson College's journalism program.