($BTC), Tesla Motors, Inc. (NASDAQ:TSLA) – Dogecoin Has A ‘Meme Defend’ In opposition to Value Drops, Says Elon Musk

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk mentioned Dogecoin (CRYPTO: DOGE) has a “legendary merchandise” in its arsenal — a meme protect.

What Occurred: The entrepreneur posted a meme as an example.

DOGE costs hit their all-time excessive of $0.084 on Feb. 08 and have fallen 38.1% since then because the joke cryptocurrency traded 5.58% decrease at $0.052 at press time.

Because the starting of the yr, DOGE has returned 870.93%. The Shiba Inu-theme cryptocurrency has outperformed Bitcoin’s (CRYPTO: BTC) annual positive factors of 68.78%.

BTC traded 5.68% increased at $49,290.64 at press time.

Why It Issues: Regardless that Musk’s favourite meme-themed cryptocurrency has shot previous BTC by way of each near-term and yearly positive factors, the pace of its appreciation on a seven-day foundation pales in entrance of another cryptocurrency stars. 

See Additionally: Elon Musk’s Dogecoin Tweets Fear Crypto Neighborhood — State of affairs ‘Significantly Damaging’

DOGE has fallen 0.62% on a seven-day trailing foundation, whereas Cardano (CRYPTO: ADA) has shot up 14.87% and Fantom (CRYPTO: FTM) is up 19.48% in the identical interval.

So-called Ethereum (CRYPTO: ETH) killers like Polkadot (CRYPTO: DOT) and Solana (CRYPTO: SOL) have been advancing at a report tempo this yr.

Scaling challenges coupled with excessive charges on Ethereum have buoyed the costs of such cash.

Learn Subsequent: Dogecoin Will get New Wings With Developer Upgrades: What You Want To Know

Picture by Marco Verch on Flickr

© 2021 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

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