Dogecoin (DOGE) may have charted multiple new all-time highs on Tuesday but in terms of weekly gains, the meme cryptocurrency trailed Ethereum Classic (ETC).
What Happened: ETC traded rose 44.99% in a 24-hour period leading up to press time Tuesday night to $78.73, while DOGE was up 33% at $0.57.
In terms of seven-day trailing gains, ETC has soared 117.83% and DOGE 110.38%.
The apex cryptocurrency, Bitcoin (BTC), was in the red at press time, trading 3.53% lower at $54,625.92. BTC is down 1.7% on a seven-day basis.
ETC has also left behind Ethereum (ETH) — the former came into being as a result of a 2016 hard fork in the Ethereum blockchain.
ETH traded 1.29% higher at $3,325.05 at press time and is up 22.92% for the week.
Why it Matters: The movement in ETC is underpinned by social media frenzy. ETC was the top ticker in Stocktwits’ list of top 10 trending streams at press time.
Digital Currency Group CEO Barry Silbert, a well-known ETC proponent, noted the price movement on Twitter.
Silbert — whose company owns Grayscale Investments — responsible for Grayscale Bitcoin Trust (OTC:GBTC) and Grayscale Ethereum Trust (OTC:ETHE) — noted that Robinhood only supports a handful of cryptocurrencies on Twitter and that DOGE money could be moving somewhere else.
Meanwhile, the spike in DOGE is driven by the coming appearance of Tesla Inc (NASDAQ:TSLA) CEO on “Saturday Night Live.”
