Cryptocurrency Prices Today - Bitcoin Down 5%, Dogecoin Up 2.2%, Shiba Inu Up 17%

As we write this article, Bitcoin down 5%. But it’s not all bad news. Elon Musk’s favourite cryptocurrency, Dogecoin, is up 2.2% in the last 24 hours. In addition, Shiba Inu has grown at 17% for the week. In addition, Cardano and Shiba Inu are the top performers in the Cryptoverse top 10 list.

Shiba Inu is growing at 17% over the last week

While there are a number of reasons why Shiba Inu has been in the news recently, this particular cryptocurrency is a good one to avoid. Last week alone, an unidentified crypto whale purchased six trillion Shib tokens, and a second buyer purchased 276 billion Shib Inu coins on Saturday. Despite the recent gains, the cryptocurrency has not beaten its all-time high, which was $0.00001.

Earlier in the year, Dogecoin saw ridiculous highs, which is similar to Shiba Inu. Neither currency is based on sustainable growth, as the market is still dominated by bears. Like Dogecoin, the rise in value might only last a short time, and it could be overshadowed by larger spikes a few months from now.

Cardano is up 2.2% in the last 24 hours

Cardano is a blockchain platform based on the proof-of-stake consensus protocol. The protocol uses a mathematically verified mechanism called the Ouroboros, which validates transactions without incurring high energy costs. The Cardano team also uses the Haskell programming language to conduct its development, which is a proven method of developing crypto-currencies. ADA, the native token of the Cardano network, is named after renowned computer scientist Ada Lovelace.

On Monday, altcoins got off to a poor start as Bitcoin continued to drop below $43K. Cardano touched its lower-time-frame safe zone, which it hasn’t breached in a year. It is also oversold on the RSI, and buyers are expected to come in and lift it from its doldrums. However, as the market fell, ADA fell 2.2%, and could revisit the $2.78 level in the next few days.

Dogecoin is Elon Musk’s favourite cryptocurrency

Tesla CEO Elon Musk recently tweeted that his company will accept Dogecoin as payment for merchandise. Musk’s tweet fueled an upsurge of over 24 percent, taking Dogecoin from a penny to over $0.70 in four days. As Musk’s tweet spread, the cryptocurrency became a hit on Reddit and skyrocketed in price, rising from $0.07 cents to over $1.30 by the day Musk appeared on “Saturday Night Live.”

While the tech billionaire is a known supporter of Bitcoin and cryptocurrency, he has also publicly declared Dogecoin as his favourite cryptocurrency. The cryptocurrency was created by software engineer Jackson Palmer, who shared the computer code with Musk. Musk was plagued by annoying scammers who would bombard his tweets with spam and imitated his profile picture to extort bitcoin from his followers. Musk also often references memes on Twitter.