Main navigation

Dogecoin (DOGE) Breaks Correlation With Bitcoin (BTC) as Price Jumps 13%, Is This Permanent?

Mon, 04/17/2023 - 16:20
article image
Godfrey Benjamin
Dogecoin is charting its own growth path devoid of influencers like Elon Musk
Dogecoin (DOGE) Breaks Correlation With Bitcoin (BTC) as Price Jumps 13%, Is This Permanent?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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 (DOGE) Price Jumps as Community Anticipates Starship Launch

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.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.