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DOGE in the green for the week, bucks altcoin price trend

By Monte Stewart


Updated

Dogecoin
Dogecoin bucked the altcoin price trend by posting a gain for the seven-day period that ended Wednesday. - Photo: Getty Images

Moves in Dogecoin's value bucked the altcoin price trend by posting a gain over the past week.

DOGE was up about 3% for the seven-day period that ended Wednesday evening in North America, according to CoinMarketCap data. The popular meme coin was one of the few top 10 cryptocurrencies to get in the green after the market grappled with an extremely challenging week.

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DOGE to USD

Week to forget

For many altcoins, it was a week to forget as the market suffered from crypto lender Celsius Network’s decision to freeze client deposits and transfers, prompting its coin CEL to implode, hedge fund Three Arrows unveiled large losses, and the US Federal Reserve (FED) hiked its benchmark interest rate by 75 basis points – the largest increase in three decades. The crypto sector also battled rapidly rising inflation, usual volatility, and uncertainty that has been prevalent since January, if not longer.

According to CoinMarketCap, tether (USDT) and USD coin – both of which are stablecoins pegged to the US dollar – and Solana (SOL) were the only other top 10 coins that were up from a week earlier.

DOGE managed to gain even though it was the focal point of a $258bn (£210.25bn) lawsuit that one of its investors filed against Tesla CEO Elon Musk. Kevin Johnson claimed that Musk manipulated the coin's price, causing a loss for investors.

BNB to USD

DOGE down on day

The lawsuit alleges that DOGE is a ponzi scheme.

Musk appeared to mock the lawsuit, saying in a tweet Friday that he would continue to invest in DOGE. The coin’s price spiked in early morning trading in North America, according to CoinMarketCap.com data.

DOGE jumped again briefly Wednesday, jumping 15% during early morning trading in Asia, according to CoinMarketCap. But DOGE declined during conventional trading hours in North America and suffered a loss on the day.

ETH/USD

3,452.07 Price
-1.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-5.270% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.60 Price
-3.030% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

66,648.70 Price
-2.220% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ADA to USD

Cardano caught in meltdown

Meanwhile, two other leading altcoins – Cardano (ADA) and Binance (BNB) – did not fare as well on a weekly basis. Cardano, which appeared to get caught up in the cryptocurrency market meltdown, was down 12% compared to a week earlier.

 

Binance down 6% on week

By comparison Binance’s price was down 6% from the previous week. The coin was up about 1% on the day, though. The rise came after its parent company, also known as Binance, the world’s crypto exchange operator, announced that its American affiliate, Binance.US, will cease charging fees for bitcoin (BTC) trades.

Cardano made news over the week by postponing its highly anticipated blockchain upgrade, known as the Vasil hard fork, for a month to remove kinks from the system. However, the decision did not appear to have a big impact on the coin’s price.

Markets in this article

DOGE/USD
DogeCoin / USD
0.1345933 USD
-0.0074571 -5.270%
BNB/USD
Binance Coin / USD
587.71 USD
-13.68 -2.300%
ADA/USD
Cardano / USD
0.42275 USD
-0.01203 -2.790%
BTC/USD
Bitcoin / USD
66648.70 USD
-1511.8 -2.220%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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