Dogecoin, a dog-themed meme cryptocurrency that seems to have strong ties to tech billionaire and Twitter owner Elon Musk, seems to be struggling to gain enough ground for a big upshift.
After reaching a high of $0.0749 on January 5, DOGE fell victim to a price pullback that took it as low as $0.0705 the next day.
The altcoin has since launched a mini rally to recoup some of its losses, allowing it to post a 2.4% rise in value over the past seven days.
According to follow-up CoingeckoAs of this writing, Dogecoin is changing hands at $0.0719, and despite its early troubles this year, it may hold its place as the eighth-largest cryptocurrency thanks to its market capitalization, which currently stands at $9.90 billion.
Dogecoin remains among the most popular crypto assets
Although still far from rewarding its loyal holders with significant gains through a massive price increase, DOGE continues to establish itself as one of the best-known digital currencies.
Recently, BitPay, one of the world’s leading crypto payment processors, revealed that the meme token is the fourth most popular transactional currency on your platform.
Source: Bitpay
According to data shared by the company, in December 2022, Dogecoin accounted for 10% of all transactions it processed, nearly doubling the 6% it had in June.
The memecoin placed behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).
This development could be interpreted as an indication that more and more people are using the digital asset as a medium of exchange.
In this regard, India’s leading cryptocurrency trading app CoinSwitch, with more or less 20 million users, mentioned in its report that DOGE was included in the list of the most popular virtual currencies owned by its clients.
DOGE total market capitalization at $9.4 billion on the weekend chart | Chart: TradingView.com
The undeniable musky effect
As time goes by, it slowly becomes clear that Dogecoin could live and disappear with self-proclaimed “Dogefather” Elon Musk, as his social media comments about the memecoin trigger instant price movements.
For example, when the Tesla CEO completed his controversial purchase of social media giant Twitter In October 2022, the DOGE price registered a significant increase, from $0.0720 on October 27 to $0.1572 on November 1.
Months before the company’s acquisition, Musk floated the idea of accepting Dogecoin as payment for Twitter’s Blue services.
-Featured Image: Cryptoglobe
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