Dogecoin Extends Gains to $0.340376 Without Elon Musk

Dogecoin, an Elon Musk popularised meme coin, has rebounded from its record low without the billionaire intermittent comments.

The meme coin gained 12.27 percent in the last 24 hours to extend its gains in recent weeks to $0.340376 a coin. Dogecoin has returned 6,996.38 percent so far this year.

Investors transacted Dogecoin worth $1.31 billion in 26,145 transactions at an average transaction fee of $0.8555814 in the last 24 hours.

The coin plunged to $0.1693 on July 21 when the Federal Reserve signals it could raise interest rates earlier than previously projected. However, the decline in consumer sentiment to 10 years low on Friday could force the U.S central bank to change that position given rising COVID-19 infections and other factors weighing on the world’s largest economy at large.

Bitcoin appreciated by 2.76 percent to $47,394.45 a coin. Ethereum, the second most capitalised crypto-asset rose by 4 percent to $3,290.74 per coin.

The value of cryptocurrencies started falling when Elon Musk and Tesla decided to halt Bitcoin as payment for the company’s products. However, institutional investors jumped back in immediately the U.S Senate approved the $1 trillion infrastructure fund. Suggesting that crypto investors are anticipating a surge in capital inflow into the crypto space.