Dogecoin (DOGE) may have charted multiple new all-time highs on Tuesday but in terms of weekly gains, the meme cryptocurrency trailed Ethereum Classic (ETC).
What Happened: ETC traded rose 44.99% in a 24-hour period leading up to press time Tuesday night to $78.73, while DOGE was up 33% at $0.57.
See Also: Dogecoin vs Ethereum: Investment Comparison
In terms of seven-day trailing gains, ETC has soared 117.83% and DOGE 110.38%.
The apex cryptocurrency, Bitcoin (BTC), was in the red at press time, trading 3.53% lower at $54,625.92. BTC is down 1.7% on a seven-day basis.
ETC has also left behind Ethereum (ETH) — the former came into being as a result of a 2016 hard fork in the Ethereum blockchain.
See Also: Why Is Ethereum Classic Surging, How Is It Different From Ethereum?
ETH traded 1.29% higher at $3,325.05 at press time and is up 22.92% for the week.
Why it Matters: The movement in ETC is underpinned by social media frenzy. ETC was the top ticker in Stocktwits' list of top 10 trending streams at press time.
Digital Currency Group CEO Barry Silbert, a well-known ETC proponent, noted the price movement on Twitter.
$0.50 -> $50.00 ain’t too shabby
— Barry Silbert (@BarrySilbert) May 3, 2021
Silbert — whose company owns Grayscale Investments — responsible for Grayscale Bitcoin Trust GBTC and Grayscale Ethereum Trust ETHE — noted that Robinhood only supports a handful of cryptocurrencies on Twitter and that DOGE money could be moving somewhere else.
$0.50 -> $50.00 ain’t too shabby
— Barry Silbert (@BarrySilbert) May 3, 2021
Meanwhile, the spike in DOGE is driven by the coming appearance of Tesla Inc TSLA CEO on “Saturday Night Live.”
Read Next: Dogecoin But On Ethereum Blockchain? renDOGE Hits All-Time High
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
