Dogecoina dog-themed meme-crypto that appears to have close ties to tech billionaire and Twitter owner Elon Musk, appears to be struggling to gain enough ground for a major bullish momentum.
After peaking at $0.0749 on Jan. 5, DOGE fell victim to a price decline that dragged it down to $0.0705 the following day.
Since then, the altcoin has embarked on a mini-rally to erase some of its losses, posting a 2.4% gain in value over the past seven days.
According to shipment tracking coingeckoAt the time of writing, Dogecoin is changing hands at $0.0719 and despite its initial troubles this year, it is still holding its spot as the 8th largest cryptocurrency thanks to his market capitalizationwhich currently stands at $9.90 billion, are making strong claims.
Dogecoin is still among the most popular crypto assets
Although DOGE is still far from rewarding its loyal owners with a substantial profit through a massive price increase, it continues to establish itself among the well-known digital currencies.
Just recently, BitPay, one of the world’s leading crypto payment processors, revealed that the meme token is this fourth most popular transaction currency in his platform.
According to the company, Dogecoin accounted for 10% of all transactions it processed in December 2022, almost doubling the 6% seen in June.
This development could be seen as an indication that more and more people are using digital goods as a means of exchange.
In this regard, the leading Indian cryptocurrency trading app CoinSwitch, with more or less 20 million users, mentioned in its report that DOGE has been included in the list of its customers’ favorite virtual currencies.
DOGE Total Market Cap at $9.4 Billion on Weekend Chart | Chart: TradingView.com
The undeniable musky effect
As time goes on, it is becoming clear that Dogecoin could live and fade with self-proclaimed “DoGFather” Elon Musk as his social media comments on the memecoin spark immediate price moves.
Like when the Tesla CEO got his controversial deal Acquisition of social media giant Twitter Back in October 2022, DOGE’s price saw a significant increase from $0.0720 on October 27th to $0.1572 on November 1st.
Months before his acquisition of the company, Musk floated the idea of accepting Dogecoin as payment for Twitter’s Blue services.
-Featured image: Cryptoglobe
Source: Crypto News Deutsch