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

Dogecoin continues to cement itself as the biggest meme coin by market cap, displaying indicators of renewed enthusiasm sometimes. 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 great 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 value of Dogecoin just lately crossed over the $0.070 resistance degree to achieve $0.076. Consequently, 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 all the way down to the quantity 9 spot. Alternatively, Solana is down by 7% in a 7-day timeframe and has misplaced greater than $1.4 billion in market cap.

What’s Pushing The Value?

A giant a part of Dogecoin’s previous success has come principally 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 newest 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 Value Prediction

Dogecoin (DOGE) is at present 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 may 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 instances since August 2022, making it a major help for the meme coin. So a break under $0.060 may see DOGE fall to its lowest level in over a 12 months.

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

Featured picture from iStock, chart from Tradingview.com