Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap

Dogecoin continues to cement itself as the biggest 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 change into the Eighth-largest cryptocurrency by market cap. The worth of Dogecoin not too long ago crossed over the $0.070 resistance stage to succeed in $0.076. In consequence, greater than $1 billion was added to its market cap, surging from $9.67 billion to $10.66 billion. 

Though its value 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. Then again, 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 largely from social media hype and some influential individuals and teams hyping it up. A serious affect is billionaire Elon Musk. Ever since Musk started tweeting in regards to 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 value. 

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

The newest spike within the value 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 auto producer after Tesla added Bitcoin as an possibility again in 2021. Nonetheless, 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 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 by, we might see DOGE rise to as excessive as its February value of $0.096. 

Apparently, the asset has bounced off the $0.060 assist stage a number of occasions since August 2022, making it a big assist for the meme coin. So a break beneath $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 group of supporters and has change into comparatively steady over time. Nonetheless, Dogecoin remains to be a really risky funding, and its worth is essentially based mostly on social media hype quite than real-world utility.

Featured picture from iStock, chart from Tradingview.com