Dogecoin continues to ascertain itself as the most important meme coin by market cap, displaying indicators of renewed enthusiasm from time to time. This week, the meme-inspired cryptocurrency elevated its market cap by over $1 billion, making it the eighth largest cryptocurrency. This was the results of Dogecoin’s surge of over 10%, taking its market cap to over $10 billion in a matter of hours.
Dogecoin places Solana in ninth place
Dogecoin has come a great distance since its inception as a hoax. Fueled by social media hype, the meme cryptocurrency has skyrocketed within the rankings and is the eighth largest cryptocurrency by market cap. Dogecoin worth just lately surpassed the $0.070 resistance level and reached $0.076. This added greater than $1 billion to the market cap, rising from $9.67 billion to $10.66 billion.
Though its worth has since dropped to $0.074 on the time of writing, Dogecoin nonetheless has a market cap of $10.35 billion, knocking Solana to ninth place. Then again, Solana is down 7% in seven days and misplaced greater than $1.4 billion in market cap.
What drives the value?
A big a part of Dogecoin’s success to this point is essentially as a result of social media hype and the hype of some influential people and teams. One main affect is billionaire Elon Musk. Since Musk began tweeting concerning the meme coin, Dogecoin has attracted extra consideration from crypto traders and his tweets praising the crypto led to a pointy spike in curiosity and worth.
DOGE worth falls again to $0.73 after a ten% surge | Supply: DOGEUSD on Tradingview.com
Dogecoin’s latest worth surge appears to stem from rumors that Tesla is maintaining the cryptocurrency within the supply code of its funds web page. Dogecoin is the second cryptocurrency to be accepted by the automaker, after Tesla added Bitcoin as an possibility again in 2021. Nonetheless, Tesla has since discontinued the flexibility to pay with Bitcoin and deleted the choice within the supply code of its cost web page.
At the moment, Tesla has deleted “Bitcoin” from the supply code of its cost web page, however nonetheless retains “Dogecoin”. pic.twitter.com/BQrRtuTN8Z
— Wu Blockchain (@WuBlockchain) July 21, 2023
DOGE Worth Prediction
Dogecoin (DOGE) is at the moment trading at $0.07378 and has fluctuated between $0.065 and $0.075 for the previous week. If the $0.075 resistance breaks, DOGE might rally to the February worth of $0.096.
Curiously, since August 2022, the asset has bounced off the $0.060 assist level a number of instances, making it a big assist for the meme coin. So, a break under $0.060 might see DOGE drop to its lowest level in over a yr.
Whereas Dogecoin lacks Bitcoin’s shortage and Ethereum’s sensible contract capabilities, it has garnered an avid following and has change into comparatively steady through the years. Nonetheless, Dogecoin remains to be a extremely risky funding and its value is essentially primarily based on social media hype relatively than real-world utility.
Featured picture from iStock, chart from Tradingview.com