Dogecoin becomes 8th largest cryptocurrency with $1 billion added to market cap.

Dogecoin becomes 8th largest cryptocurrency with $1 billion added to market cap.

The Rise of Dogecoin: From Meme to Market Cap

Dogecoin, the meme-inspired cryptocurrency, continues to make waves in the crypto market, solidifying its position as the largest meme coin by market cap. In a recent surge, Dogecoin added over $1 billion to its market cap, propelling it to the 8th-largest cryptocurrency. This rapid growth highlights the renewed enthusiasm surrounding Dogecoin and its potential as a digital asset.

Dogecoin’s Journey to the Top 10

From its inception as a joke cryptocurrency, Dogecoin has surpassed all expectations and gained significant traction in the crypto world. Fueled by the hype on social media platforms, Dogecoin has climbed up the rankings, currently holding the 8th spot in terms of market capitalization. The price of Dogecoin recently broke through the $0.070 resistance level, reaching $0.076. This surge in price led to a substantial increase in its market cap, soaring from $9.67 billion to $10.66 billion.

Although the price of Dogecoin has since dipped to $0.074, it still boasts a market cap of $10.35 billion. This impressive feat has pushed Solana, another prominent cryptocurrency, down to the 9th position. On the flip side, Solana has experienced a 7% decline in a 7-day timeframe and has lost over $1.4 billion in market cap.

The Driving Forces Behind Dogecoin’s Price

Dogecoin owes much of its success to the power of social media and the influence of key figures and groups who have hyped it up. One significant influencer is billionaire Elon Musk, whose tweets about Dogecoin have garnered substantial attention from crypto investors. Musk’s endorsements have resulted in major spikes in both interest and price for the meme coin.

The recent surge in Dogecoin’s price may be attributed to rumors of Tesla, Musk’s electric vehicle company, retaining Dogecoin in its payment page source code. Tesla had previously added Bitcoin as a payment option in 2021, but later removed it from the source code. However, Dogecoin remains in the source code, suggesting a potential future integration. This news has further fueled the excitement surrounding Dogecoin and contributed to its price surge.

DOGE price retraces to $0.73 following 10% surge

Dogecoin Price Prediction

At present, Dogecoin is trading at $0.07378, fluctuating between $0.065 and $0.075 over the past week. If the resistance level of $0.075 is breached, it could pave the way for a rise in Dogecoin’s price, potentially reaching as high as its peak price of $0.096 in February.

Interestingly, Dogecoin has consistently found support at the $0.060 level since August 2022, making it a significant support level for the meme coin. A break below this level could lead to a significant drop in Dogecoin’s value, potentially reaching its lowest point in over a year.

While Dogecoin lacks the scarcity of Bitcoin or the smart contract capabilities of Ethereum, it has managed to cultivate a devoted community of supporters and has demonstrated relative stability over the years. However, it’s important to note that Dogecoin remains a highly volatile investment, with its value heavily influenced by social media hype rather than real-world utility.

In conclusion, Dogecoin’s remarkable ascent in the crypto market showcases the power of meme culture and social media in shaping the industry. With its market cap now surpassing $10 billion, Dogecoin has firmly established itself as a formidable player. However, investors should approach Dogecoin with caution, keeping in mind its inherent volatility and reliance on social media trends.

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