Dogecoin continues to cement itself as the largest meme coin by market cap, showing signs of renewed momentum from time to time. This week, the meme-inspired cryptocurrency added over $1 billion to its market cap, making it the 8th largest crypto. This is the result of Dogecoin’s surge of more than 10%, increasing its market cap by more than $10 billion in a matter of hours.
Dogecoin Pushes Solana To Number 9
Dogecoin has come a long way since its inception as a joke. Due to social media hype, the meme cryptocurrency has risen in the ranks to become the 8th largest cryptocurrency by market cap. Dogecoin price recently crossed the $0.070 resistance level to reach $0.076. As a result, more than $1 billion was added to its market cap, which rose from $9.67 billion to $10.66 billion.
Although its price has now fallen to $0.074 at the time of writing, Dogecoin still has a $10.35 billion market cap, pushing Solana up to the number 9 spot. Meanwhile, Solana declined 7% in a 7-day timeframe and lost more than $1.4 billion in market cap.
What is Push Price?
A large part of Dogecoin’s past success came largely from social media hype and some influential people and groups hyping it up. A big influence is billionaire Elon Musk. Since Musk started tweeting about the meme coin, Dogecoin has gained more attention from crypto investors and his tweets praising the crypto have led to huge spikes in interest and price.
DOGE price retraces to $0.73 following 10% surge | Source: DOGEUSD on Tradingview.com
The latest spike in the price of Dogecoin seems to stem from rumors of Tesla keeping the cryptocurrency on its paid source code page. Dogecoin is the second cryptocurrency accepted by the automaker after Tesla added Bitcoin as an option back in 2021. However, Tesla has discontinued the Bitcoin payment option and removed the source code option from its payment page.
Currently, Tesla has removed “bitcoin” from the source code of its payment page, but “dogecoin” still remains. pic.twitter.com/BQrRtuTN8Z
— Wu Blockchain (@WuBlockchain) July 21, 2023
DOGE Price Prediction
Dogecoin (DOGE) is currently trading at $0.07378, down from $0.065 and $0.075 last week. If the $0.075 resistance is broken, we may see DOGE rise to the February high price of $0.096.
Interestingly, the asset has bounced off the $0.060 support level several times since August 2022, making it an important support for the meme coin. So a break below $0.060 could see DOGE fall to its lowest point in over a year.
While Dogecoin lacks the scarcity of Bitcoin or the smart contract capabilities of Ethereum, it has won a passionate community of supporters and has become relatively stable over the years. However, Dogecoin is still an easy investment, and its value is largely based on social media hype rather than real-world utility.
Featured image from iStock, chart from Tradingview.com