Dogecoin, a dog-themed meme crypto that appears to bask beardown ties with tech billionaire and Twitter proprietor Elon Musk, appears to beryllium struggling to summation capable crushed for a large upward swing.
After peaking astatine $0.0749 connected January 5, DOGE fell unfortunate to a terms retracement that pulled it each the mode down to $0.0705 the pursuing day.
Since then, the altcoin launched a mini rally to recoup immoderate of its losses, enabling it to notch a 2.4% summation successful worth implicit the past 7 days.
According to tracking from Coingecko, astatine the clip of writing, Dogecoin is changing hands astatine $0.0719 and contempt its aboriginal struggles this year, it is capable to powerfully support its spot arsenic the 8th largest cryptocurrency courtesy of its marketplace headdress which presently stands astatine $9.90 billion.
Dogecoin Still Among The More Popular Crypto Assets
Although inactive acold from rewarding its faithful holders with important nett done a monolithic terms hike, DOGE continues to found itself arsenic among the well-known integer currencies.
Just recently, BitPay, 1 of the world’s starring crypto payments processors, revealed that the meme token is the fourth astir fashionable transactional currency successful its platform.
According to information shared by the company, successful December 2022, Dogecoin accounted for 10% of each transactions it processed, astir doubling the 6% tally it had successful June.
The memecoin placed down Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).
This improvement could beryllium interpreted arsenic an denotation that much and much radical are utilizing the integer plus arsenic a means of exchange.
Along this line, starring Indian cryptocurrency trading app CoinSwitch with much oregon little 20 cardinal users mentioned successful its study that DOGE was included successful the database of the astir fashionable virtual currencies owned by its customers.
DOGE full marketplace headdress astatine $9.4 cardinal connected the play illustration | Chart: TradingView.com
The Undeniable Musk Effect
As clip goes by, it is dilatory becoming evident that Dogecoin mightiness unrecorded and slice with the self-proclaimed “Dogefather” Elon Musk arsenic his societal media comments of the memecoin triggers instant terms movements.
For example, erstwhile the Tesla CEO completed his arguable purchase of societal media elephantine Twitter backmost successful October 2022, DOGE’s terms registered a important uptick, from $0.0720 successful October 27 to $0.1572 connected November 1.
Months earlier his acquisition of the company, Musk floated the thought of having Dogecoin accepted arsenic a outgo for Twitter’s Blue services.
-Featured image: Cryptoglobe