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Dogecoin Is Preparing the Ground to Rise

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Dogecoin, a dog-themed crypto-meme that appears to be closely related to the tech giant and Twitter owner Elon Musk, appears to be struggling to gain enough traction for a big climb.

After peaking at $0.0749 on January 5, DOGE fell into a retracement that brought it down to $0.0705 the next day. Since then, the altcoin has staged a small rally to recoup some of its losses, allowing it to register a 2.4% gain over the past seven days.

According to Coingecko tracking, at the time of writing, Dogecoin is changing hands at $0.0719 and despite struggling early this year, it is able to retain its spot as the 8th largest cryptocurrency thanks to its market capitalization that currently stands at $9.90 billion.

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Dogecoin is Still Among the Most Popular Crypto Assets

Although it is still a long way from rewarding the loyal people who benefit greatly from the huge price increase, DOGE continues to establish itself among digital currencies. famous.

Recently, BitPay, one of the world’s leading crypto-payment developers, revealed that the meme token is the fourth most popular transaction currency on its platform. According to the data shared by the company, in December 2022, Dogecoin received 10% of all transactions, almost double the 6% it had in June.
Memecoin is behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%). This development can be interpreted as an indication that more people are using digital assets as a means of exchange.

In this line, the leading Indian cryptocurrency trading application CoinSwitch with more or less 20 million users said in its report that DOGE is in the list of the most popular virtual currency holding its customers.

The Musky Effect is Undeniable

Over time, it is slowly becoming clear that Dogecoin can live and die with the “Dogefather” Elon Musk as his memecoin announcements trigger immediate price movements.

For example, when the CEO of Tesla completed the controversial purchase of the large social media Twitter in October 2022, the price of DOGE recorded a large increase, from $ 0.0720 on October 27 to $ 0.1572 on November 1. A few months before acquiring the company, Musk announced the idea of ​​having Dogecoin accepted as payment for Twitter’s blue-chip services.

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