Dogecoin Has A ‘Meme Shield’ Against Price Drops, Says Elon Musk

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Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said Dogecoin (CRYPTO: DOGE) has a “legendary item” in its arsenal — a meme shield. What Happened: The entrepreneur posted a meme to illustrate. Doge meme shield (legendary item) pic.twitter.com/CeomU9q84c — Elon Musk (@elonmusk) March 1, 2021 DOGE prices hit their all-time high of $0.084 on Feb. 08 and have fallen 38.1% since then as the joke cryptocurrency traded 5.58% lower at $0.052 at press time. Since the beginning of the year, DOGE has returned 870.93%. The Shiba Inu-theme cryptocurrency has outperformed Bitcoin’s (CRYPTO: BTC) annual gains of 68.78%. BTC traded 5.68% higher at $49,290.64 at press time. Why It Matters: Even though Musk’s favorite meme-themed cryptocurrency has shot past BTC in terms of both near-term and yearly gains, the speed of its appreciation on a seven-day basis pales in front of some other cryptocurrency stars. See Also: Elon Musk’s Dogecoin Tweets Worry Crypto Community — Situation ‘Seriously Damaging’ DOGE has fallen 0.62% on a seven-day trailing basis, while Cardano (CRYPTO: ADA) has shot up 14.87% and Fantom (CRYPTO: FTM) is up 19.48% in the same period. So-called Ethereum (CRYPTO: ETH) killers like Polkadot (CRYPTO: DOT) and Solana (CRYPTO: SOL) have been advancing at a record pace this year. Scaling challenges coupled with high fees on Ethereum have buoyed the prices of such coins. Read Next: Dogecoin Gets New Wings With Developer Upgrades: What You Need To Know Photo by Marco Verch on Flickr See more from BenzingaClick here for options trades from BenzingaWhy Sos, Canaan, Riot Blockchain, Marathon Patent, ZW Data Action Stocks Spiked TodayJack Dorsey, MicroStrategy’s Saylor, Winklevoss Twins Give M In Initial Funding To MIT’s Bitcoin Initiative© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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