Dogecoin, a dog-themed meme crypto that appears to take pleasure in strong ties with tech billionaire and Twitter owner Elon Musk, seems having a hard time to acquire adequate ground for a significant upward swing.
After peaking at $0.0749 on January 5, DOGE came down with a cost retracement that pulled everything the method to $0.0705 the following day.
Ever since, the altcoin released a tiny rally to recover a few of its losses, allowing it to notch a 2.4% boost in worth over the last 7 days.
According to tracking from Coingeckoat the time of composing, Dogecoin is altering hands at $0.0719 and in spite of its early battles this year, it has the ability to highly keep its location as the 8th biggest cryptocurrency thanks to its market cap which presently stands at $9.90 billion.
Dogecoin Still Among The More Popular Crypto Assets
Still far from rewarding its faithful holders with substantial revenue through a huge rate walking, DOGE continues to develop itself as amongst the popular digital currencies.
Simply just recently, BitPay, among the world’s leading crypto payments processors, exposed that the meme token is the 4th most popular transactional currency in its platform.
According to information shared by the business, in December 2022, Dogecoin represented 10% of all deals it processed, nearly doubling the 6% tally it had in June.
The memecoin positioned behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).
This advancement might be analyzed as an indicator that increasingly more individuals are utilizing the digital property as a way of exchange.
Along this line, leading Indian cryptocurrency trading app CoinSwitch with basically 20 million users discussed in its report that DOGE was consisted of in the list of the most popular virtual currencies owned by its consumers.
DOGE total market cap at $9.4 billion on the weekend chart | Chart: TradingView.com
The Undeniable Musk Effect
As time passes, it is gradually emerging that Dogecoin may live and fade with the self-proclaimed “Dogefather” Elon Musk as his social networks remarks of the memecoin activates instantaneous cost motions.
When the Tesla CEO finished his questionable purchase of social networks giant Twitter back in October 2022, DOGE’s rate signed up a considerable uptick, from $0.0720 in October 27 to $0.1572 on November 1.
Months prior to his acquisition of the business, Musk drifted the concept of having Dogecoin accepted as a payment for Twitter’s Blue services.
-Featured image: Cryptoglobe