Bitcoin's Price Consolidates, Elon Musk Tweet Sends Dogecoin Surfing, Filecoin Surges

Tokenization Jan 11, 2023 0 81 Add to Reading List

While bitcoin prices have been consolidating just under the $60k handle, a number of other alternative digital assets have seen steep gains. Two coins, in particular, the decentralized storage network filecoin token and the notorious meme token dogecoin have jumped well over 10% during the last 24 hours.

On Thursday, April 1, 2021, otherwise known as “April Fool’s Day,” the popular cryptocurrency dogecoin (DOGE) jumped over 12% during the last 24 hours. The spike in price was immediately after the famous Tesla executive Elon Musk tweeted:

Dogecoin kind of slumped during the course of March but did very well during the first two months of the year. During the last seven days, DOGE is up 19% against the U.S. dollar and 973% during the last three months. On Wednesday afternoon (EST), dogecoin was exchanging hands for $0.058 per coin.
Meanwhile, filecoin (FIL) has been duking it out with litecoin (LTC) in recent times. FIL is trading for $205 per coin and jumped over 12% on Wednesday. FIL’s market cap is around $11.9 billion and filecoin has jumped a massive 151% during the last seven days.

FIL/USD markets on Coinbase on April 1, 2021.

Statistics from bybt.com show that inflows into Grayscale Investments‘ Filecoin Trust is where some of the action has stemmed from, while demand on spot exchanges has increased as well. Data shows on Wednesday that filecoin (FIL) trade volume is around $4.66 billion across global crypto exchanges.
In addition to dogecoin and filecoin, both binance coin (BNB) and chainlink (LINK) have seen solid gains during the last day as well. Besides FIL and DOGE, the two currencies are leading the pack as far as 24-hour gains are concerned. BNB saw a 4.6% jump in value during the morning while LINK spiked by 6.9% on Wednesday.
The biggest gainers on Wednesday included medibloc (MED +75%), armor (ARMOR +73%), and verasity (VRA +71%). Today’s losers with the most percentages losses were coins like bumo (BU -66%), kimchi.finance (KIMCHI -46%), and cybereits (CRE) which is down a touch over 40% today.