Wednesday morning trading in Asia saw little movement for Bitcoin, Ether, and the majority of the top 10 cryptocurrencies by market capitalization, excluding stablecoins. The exceptions, Dogecoin and Shiba Inu token, are still supported by long standing supporter Elon Musk’s acquisition of social media platform Twitter Inc.
According to data from CoinMarketCap, during the 24 hours, Bitcoin fell 0.1% to US$20,485 while Ether increased by 0.4% to US$1,579. In the top 10, Polygon and Polkadot suffered the greatest losses. Polkadot declined 2.4% to US$6.47 while Polygon sank 3.2% to US$0.87.
Following Musk’s acquisition of Twitter, Dogecoin’s price surge continued, rising 12.2% to US$0.14. Overnight, it rose to $0.15, its highest price since April. In the last seven days, the token has increased 127%. Shiba Inu token for Copycat Memecoin was also trading up 3.2% to US$0.00001286, rising 25.7% over the previous seven days.
Gains coincide with significant changes Musk has made to the social media network since purchasing it, including the dismissal of the whole board of directors. Over the past few days, the richest man in the world has also tweeted a picture of a Shiba Inu, the kind of dog that inspired the Doge joke. Musk has previously suggested that Dogecoin might be added to Twitter as a payment option.
— Elon Musk (@elonmusk) November 1, 2022
According to CoinMetrics, on November 1, Bitcoin’s hashrate, or the amount of computational power being utilized to maintain the network, achieved an all-time high of 288,400 petahashes per second.
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