Dogecoin Turns into Eighth-Largest Cryptocurrency After Including $1 Billion To Market Cap

Dogecoin continues to cement itself as the most important meme coin by market cap, displaying indicators of renewed enthusiasm now and again. This week, the meme-inspired cryptocurrency added over $1 billion to its market cap, making it the Eighth-largest crypto. This was a results of Dogecoin’s surge of over 10%, boosting its market cap to greater than $10 billion in a matter of hours.

Dogecoin Pushes Solana To Quantity 9

Dogecoin has come a good distance since its creation as a joke. Fueled by the hype on social media, the meme cryptocurrency has skyrocketed up the rankings to turn out to be the Eighth-largest cryptocurrency by market cap. The worth of Dogecoin not too long ago crossed over the $0.070 resistance degree to achieve $0.076. Because of this, greater than $1 billion was added to its market cap, surging from $9.67 billion to $10.66 billion. 

Though its worth has now dropped to $0.074 on the time of writing, Dogecoin nonetheless has a $10.35 billion market cap, pushing Solana right down to the quantity 9 spot. Alternatively, Solana is down by 7% in a 7-day timeframe and has misplaced greater than $1.four billion in market cap.

What’s Pushing The Worth?

An enormous a part of Dogecoin’s previous success has come largely from social media hype and some influential individuals and teams hyping it up. A significant affect is billionaire Elon Musk. Ever since Musk started tweeting concerning the meme coin, Dogecoin has gained extra consideration from crypto traders and his tweets praising the crypto have led to main spikes in curiosity and worth. 

DOGE worth retraces to $0.73 following 10% surge | Supply: DOGEUSD on Tradingview.com

The most recent spike within the worth of Dogecoin appears to have come from rumors of Tesla retaining the cryptocurrency in its fee web page supply code. Dogecoin is the second cryptocurrency to be accepted by the car producer after Tesla added Bitcoin as an choice again in 2021. Nevertheless, Tesla has since discontinued the choice to pay with Bitcoin and has deleted the choice within the supply code of its fee web page.  

At current, Tesla has deleted “bitcoin” within the supply code of its fee web page, however nonetheless retains “dogecoin”. pic.twitter.com/BQrRtuTN8Z

— Wu Blockchain (@WuBlockchain) July 21, 2023

DOGE Worth Prediction

Dogecoin (DOGE) is presently buying and selling at $0.07378, ranging between $0.065 and $0.075 for the previous week. If the $0.075 resistance is damaged via, we might see DOGE rise to as excessive as its February worth of $0.096. 

Curiously, the asset has bounced off the $0.060 help degree a number of occasions since August 2022, making it a big help for the meme coin. So a break under $0.060 might see DOGE fall to its lowest level in over a yr.

Whereas Dogecoin lacks the shortage of Bitcoin or the good contract capabilities of Ethereum, it’s gained over an enthusiastic neighborhood of supporters and has turn out to be comparatively secure through the years. Nevertheless, Dogecoin continues to be a really risky funding, and its worth is basically based mostly on social media hype slightly than real-world utility.

Featured picture from iStock, chart from Tradingview.com