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 sufficient ground for a significant upward swing.
After peaking at $0.0749 on January 5, DOGE succumbed to a rate retracement that pulled all of it the method to $0.0705 the following day.
Ever Since, the altcoin introduced 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 Coingecko, at 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 Amongst The More Popular Crypto Assets
Although still far from rewarding its faithful holders with considerable revenue through a huge cost walking, DOGE continues to develop itself as amongst the widely known digital currencies.
Simply just recently, BitPay, among the world’s leading crypto payments processors, exposed that the meme token is the fourth most popular transactional currency in its platform.
Source: Bitpay
According to information shared by the business, in December 2022, Dogecoin represented 10% of all deals it processed, practically doubling the 6% tally it had in June.
The memecoin put behind Bitcoin (1st, 41.81%), Litecoin (second, 25.51%) and Ethereum (3rd, 11.53%).
This advancement might be translated as a sign that increasingly more individuals are utilizing the digital possession as a method of exchange.
Along this line, leading Indian cryptocurrency trading app CoinSwitch with basically 20 million users pointed out in its report that DOGE was consisted of in the list of the most popular virtual currencies owned by its clients.
DOGE overall market cap at $9.4 billion on the weekend chart|Chart: TradingView.com
The Indisputable Musk Result
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.
For instance, when the Tesla CEO finished his questionable purchase of social media giant Twitter back in October 2022, DOGE’s cost signed up a substantial 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.
– Included image: Cryptoglobe
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