At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.

Elon Musk's rebranding of Twitter to "X" has caused several crypto tokens to rally, including his favorite meme crypto, Dogecoin (DOGE). Despite a massive sell-off in the global digital asset market on Monday, DOGE performed a decoupling event and registered green indexes, surging by almost 5% in the last 24 hours.

Large amounts of Bitcoin and Dogecoin worth $531.71 million have been transferred by crypto whales, according to blockchain-tracking bot Whale Alert. The largest transfer involved a crypto whale moving 14,159 BTC worth $421.71 million from an unknown wallet to another unknown wallet. Another Bitcoin whale shifted 1,890 BTC worth $56.54 million from an unknown wallet to US-based crypto exchange Coinbase. In the Dogecoin market, one entity moved 450,000,000 DOGE worth $32.93 million from an unknown wallet to Robinhood, while another investor shifted 85,000,000 DOGE worth $6.17 million from an unknown wallet to Binance.

Elon Musk, the CEO of Tesla, has been known for his support of Dogecoin, a meme cryptocurrency, and its impact on its value. During his appearance at the Wall Street Journal CEO Council Summit in Q2 2023, Musk explained that his love for Dogecoin goes beyond its capabilities in the crypto market and is more related to its humorous nature.

In the past six weeks, Dogecoin's price has recovered by 40%, making over 50% of all DOGE addresses profitable. Over the last seven days, active addresses rose by 22.3%, and new addresses increased by 53.28%. Despite a decrease in Telegram members, the total number of DOGE addresses has kept growing, averaging 4.71 million in the last 30 days. Retail investors hold approximately one-third of DOGE tokens, while large investors and whales each account for around 45%. Currently, almost 55% of Dogecoin addresses are in a profitable position.

The global market cap has seen a 0.5% increase, with Bitcoin experiencing some bull activity and approaching a break back above $30K. However, Bitcoin trade volume has dropped by 31% during the same period. Ethereum has started the week slow with low volatility levels, indicating a likely bearish trend as bears push for market dominance. Dogecoin is having a good session with gains of 1.4% and increasing trading volume, while Stellar is also trading positively with increasing volatility levels. Chainlink is making slight gains, while Augur sees an 8% drop within a day of trade.

The creator of Dogecoin, Billy Markus, expressed surprise on Twitter about discovering a computer game called "Humanity" where players guide humans to ascension as a Shiba Inu doge. The game was created by PlayStation and caused a stir within the Shiba Inu community despite not being associated with either SHIB or DOGE. Markus is considering streaming himself playing the game. In other news, Robinhood and Binance were involved in consecutive transactions of nearly 800 million Dogecoin, with the largest transfer of 450 million coins worth $32.9 million going to Robinhood. Dogecoin remains a popular trading asset with a roughly 10% increase in trading volume over the past 24 hours.

Dogecoin experienced a significant price increase of over 10% on July 21, reaching $0.076 and adding $1 billion to its market cap. This surge propelled DOGE to become the sixth-best performing cryptocurrency on daily charts and the eighth largest asset by market worth. While the reason for this rally is unclear, some speculate that it may be related to rumors about Dogecoin's presence in the payment page source code on Tesla's website. However, it has been confirmed that Tesla did not recently add Dogecoin to its source code, but rather it was already present since January 2023.

Tesla has reportedly removed Bitcoin from the source code of its payment page, while Dogecoin remains as a payment option. This comes as a surprise to the crypto community, as Tesla's CEO Elon Musk has been a big supporter of Dogecoin. However, Tesla has not made an official announcement regarding this move. Despite this, Tesla's Bitcoin holdings remain unchanged in Q2 2023.

Dogecoin, a popular cryptocurrency with a dog theme, experienced a 4% surge in price within minutes after Elon Musk mentioned it in a tweet. The price of DOGE reached a high of $0.72 from $0.69 on Wednesday morning, but then dropped slightly to just under $0.70.