A parabolic surge in meme cryptocurrency Dogecoin over the past week is encouraging speculation that other so-called alternative tokens could also catch a speculative tailwind.
Patel said the second-largest token Ether has posted notable gains in Dogecoin’s slipstream but added the rider that it remains to be seen if these surges are “merely generating exit liquidity before we hit new lows.”
It remains very unclear what, if anything, Musk would do around Dogecoin and Twitter. He has long expressed support for the coin, quipping about his status as “” and earlier announcing that he owns some of it along with Bitcoin and Ether. He has also previously tweeted that it can be used to buy Tesla Inc. merchandise.
The bigger coins were calmer on Tuesday, with Bitcoin edging up to $20,600 and Ether adding about 2% to knock on the door of $1,600 as of 2:38 p.m. in Singapore.
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