Market index data released by CoinDesk showed that Dogecoin – which cryptocurrency investors usually associate with American billionaire Elon Musk – was the top-performing cryptocurrency during the month of October among the 150 crypto assets it monitors.
The price of Dogecoin increased by 101% during the month of October, exceeding the profits of Bitcoin which reached 5.5% in the same period, as well as the profits of Ethereum of 18%.
Dogecoin is trading today, up 7.41% at the level of $ 0.137, while Bitcoin is trading at a marginal increase of 0.13% at the level of $ 20,420.99, at exactly 05:45 pm GMT.
Cryptocurrency market analysts attributed the massive rise in Dogecoin profits to the completion of Elon Musk’s acquisition of the social networking platform Twitter at the end of last week, which amounted to $ 44 billion, as it seems that cryptocurrency investors have somehow speculated that the success of the deal and the expected profits of Twitter may It ultimately affects its Dogecoin Blockchain profits.
On Monday, crypto asset investment fund QCP Capital wrote in a Telegram note that Dogecoin’s profits came on the back of the acquisition, especially after Elon Musk’s tweets in the past caused price fluctuations, and the fund even suggested using Dogecoin as payment for a Twitter subscription. .
The most prominent losing crypto assets and currencies during the month of October were the Rally symbol (RLY), which fell by 33%, then the Celsius Network token CEL by 27%, and the losses of the Terra Luna Classic LUNC token came in third place, recording about 31 %.