|

Dogecoin sees weekend bump after Musk tweets, synthetix volumes grow to $200m

Native tokens of memecoin Dogecoin (DOGE) and Synthetix (SNX) saw volatile trading over the weekend even as the broader crypto market fell and then staged a brief recovery on Monday.

DOGE jumped from 5 cents to over 5.8 cents on Sunday morning as technology entrepreneur Elon Musk tweeted he will “keep supporting Dogecoin.” Musk added he was buying DOGE in response to a reply.

DOGE rose to as much as 6.3 cents in early Asian hours on Monday. It has since dropped to 5.7 cents at writing time as traders took profits on their positions.

Doge

DOGE bumped to as much as 6.5 cents before selling off in Asian hours. (TradingView)

Musk’s electric car company Tesla accepts DOGE as payments on its merchandise store, and Musk has previously stated he was “working with Dogecoin developers” to improve its efficiency.

Elsewhere, Synthetix’s SNX tokens rose some 85% in the past 24 hours amid fundamental catalysts. The Ethereum-based exchange and synthetic assets platform was one of the first decentralized finance (DeFi) applications.

Synthetix has trading volumes of over $200 million in the past 24 hours as its “atomic swaps” product gained traction among traders, as per analysts. Atomic swaps refer to an exchange of cryptocurrencies from separate blockchains.

This is a significant increase from average daily trading volumes of between $500,000 to $3 million in May.

Atomic swaps on Synthetix use live prices from Uniswap and Chainlink to ensure accurate execution for traders.

Data shows the synthetic ether (SETH) and synthetic dollar (SUSD) was the most active trading pair with $135 million in trading volumes in the past 24 hours. Ether rose from the $940 level to over $1,100 in the same period.

Meanwhile, futures tracking DOGE and SNX racked up a cumulative $11 million in losses to liquidations due to the volatility, data from CoinGlass shows. The figures were higher than usual for the two tokens.

Author

CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

More from CoinDesk Analysis Team
Share:

Editor's Picks

Ripple Price Forecast: XRP builds recovery momentum as whales increase exposure
Ripple (XRP) rises toward the pivotal $1.10 resistance on Thursday, marking three consecutive days of gains. This neutral-to-slightly bullish outlook follows the Federal Reserve (Fed) decision to leave interest rates unchanged in the 3.50%-3.75% range.
Bitcoin Price Forecast: BTC recovery pauses as hawkish Fed, US-Iran tensions weigh on sentiment
Bitcoin (BTC) steadies above a key support zone on Thursday, consolidating near $64,000 after a modest rebound earlier this week. Fresh inflows into BTC spot Exchange Traded Funds (ETFs) has provided some support.
Crypto Today: Bitcoin, Ethereum, XRP trade sideways as US-Iran tensions intensify
The crypto market is trading in neutral-to-slightly bullish conditions on Thursday, with Bitcoin (BTC) holding above $64,000 while its immediate upside remains capped. Ethereum (ETH) hovers above the $1,900 short-term support level while Ripple (XRP) struggles to gain momentum ahead of a potential nail $1.10 breakout.
Bitcoin ETF inflows return as Ether funds slip into outflows
US-listed spot Bitcoin exchange-traded funds (ETFs) ended a four-session outflow streak on Wednesday, recording $32.1 million in net inflows.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.