Dogecoin continues to consolidate its position as the largest meme currency in market value, showing new signs of enthusiasm from time to time. This week, the market value of this meme inspired Cryptocurrency increased by more than $1 billion, becoming the eighth largest Cryptocurrency
Dogecoin continues to consolidate its position as the largest meme currency in market value, showing new signs of enthusiasm from time to time. This week, the market value of this meme inspired Cryptocurrency increased by more than $1 billion, becoming the eighth largest Cryptocurrency. This is the result of the Dogecoin soaring by more than 10%, and its market value exceeded 10 billion dollars within a few hours.
Dogecoin pushes Solana to the 9th place
Dogecoin has made great progress since its birth as a joke. Driven by social media hype, the ranking of meme Cryptocurrency soared, becoming the eighth largest Cryptocurrency by market value. The price of Dogecoin recently broke through the resistance level of 0.070 dollars, reaching 0.076 dollars. As a result, its market value increased by over $1 billion, soaring from $9.67 billion to $10.66 billion.
Although at the time of writing this article, the price of Dogecoin has dropped to $0.074, the market value of Dogecoin is still $10.35 billion, pushing Solana to the ninth place. On the other hand, Solana fell 7% within 7 days, resulting in a market value loss of over $1.4 billion.
What drove up the price?
A large part of the past success of Dogecoin came from the hype of social media and some influential people and groups. A major influencer is billionaire Elon Musk. Since Musk started talking about memetics on Twitter, Dogecoin has gained more attention from Cryptocurrency investors. He praised Cryptocurrency's tweets for leading to a sharp rise in interest and price.
The latest surge in the price of Dogecoin seems to come from the rumor that Tesla keeps Cryptocurrency in the source code of its payment page. Dogecoin is the second Cryptocurrency accepted by automobile manufacturers after Tesla added Bitcoin as an option in 2021. However, Tesla subsequently discontinued the option to use Bitcoin payment and removed it from the source code of its payment page.
Currently, Tesla has deleted the "Bitcoin" in the source code of its payment page, but still retains the "Dogecoin".
Pic. Twitter. com/BQrRtuTN8Z
- WuBlockchain (@ WuBlockchain) July 21, 2023
DOGE Price Forecast
The current transaction price of Dogecoin is US $0.07378, and the transaction price of the past week is between US $0.065 and US $0.075. If we break through the resistance level of $0.075, we may see DOGE rise to the high of $0.096 in February.
Interestingly, since August 2022, this asset has rebounded multiple times from the support level of $0.060, making it an important support for meme tokens. Therefore, falling below $0.060 may cause DOGE to fall to its lowest point in over a year.
Although Dogecoin lacks the Scarcity of Bitcoin or the smart contract function of Ethereum, it has won a warm community of supporters and has become relatively stable over the years. However, Dogecoin is still a very unstable investment, and its value is largely based on the hype of social media, rather than the utility of the real world.
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