Crypto Price Today: Crypto Price Today: Dogecoin Extends Gains; Bitcoin and other altcoins fall up to 5%

New Delhi: After a decent rally in the past few days, the crypto market took a breather on Wednesday as majority of the tokens saw some gains. However, Dogecoin continued to rally.

Dogecoin has been soaring since the middle of last week when billionaire entrepreneur and dogecoin enthusiast Elon Musk finalized his $44 billion purchase of social media platform Twitter. Dogecoin’s rally pushed other memecoins up.

Apart from US dollar-pegged Tether and memecoins, all other top crypto tokens were trading lower. Dogecoin rose another 10%, while Polygon and Polkadot plunged 5% and 4% respectively.

The global cryptocurrency market cap traded above $1 trillion, despite falling around half a percent in the past 24 hours. However, total trading volume plunged more than 16% to $73.78 billion.

What is cooking in India
India has indicated that crypto regulation will be a priority during its yearlong presidency of the G-20, which begins next month.

India’s central bank digital currency (CBDC) got off to a smooth and flawless start in the world of real-time trading, with several banks using the virtual money backed by Mint Road to settle nearly 50 government bond transactions worth around Rs 275 crore.

Expert take
With a 24-hour trading volume of $44 billion, Bitcoin has made decent gains in the past week, while the price of Shiba Inu will follow the price of Dogecoin, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.

“Dogecoin price has now breached the October high of $0.151 and reached a daily high of $0.158 on November 1,” he said. “But the candle’s four-hour close was below the previous high, which is a bearish trend,” he added.

Global updates
Nikolai Mushegian, an early developer of MakerDAO, the largest decentralized finance protocol, as well as a contributor to several crypto projects, was found dead in San Juan, Puerto

according to a local news agency.

Pick n Pay, which is one of South Africa’s largest supermarket chains, now allows customers to pay with bitcoin (BTC) using any Lightning Network-enabled app, according to South Africa’s The Times.

A new class of Shiba Inu-inspired tokens was born on BNB Chain and Ethereum on Tuesday following a related tweet by tech billionaire Elon Musk.

Technical view of BuyUcoin cryptocurrency exchange
The meme coin space has witnessed a healthy rise in value following Elon Musk’s Twitter deal. DOGE is on fire as Elon Musk has been a very strong supporter of the coin and his tweets drive the price movement of the coin significantly. Investors are bullish on DOGE as they expect a prominent role for the coin in the global Twitter ecosystem with Elon at the helm.

If DOGE is integrated into Twitter as a payment mechanism, it will create a strong foundation for sustained growth in the long term. Historically, the price movement of meme coins is mainly driven by positive news rather than strong fundamentals.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)