The Rise of Dogecoin: What’s Behind the Surge?
The famous meme coin, Dogecoin, has been making waves in the cryptocurrency market. It currently ranks 9th on Coinmarketcap and has seen a significant increase in price over the past month. In fact, Dogecoin’s price has surged by 108% in just one month. So, what exactly is happening with Dogecoin? Let’s dive into the details.
Dogecoin Price Analysis
Currently, Dogecoin is trading at $0.1736 after experiencing a 4.16% hike within a day. Its market cap has also increased to $24,919,185,722 with a 4.15% jump, allowing it to secure a spot in the top 10 cryptocurrencies on Coinmarketcap. Moreover, its trading volume has surged by an impressive 122% in the last 24 hours, reaching $5,301,078,645 and placing it at number 7 among thousands of other cryptocurrencies.
Looking at the chart, it’s evident that Dogecoin’s price has gained momentum and could potentially reach the $0.2 milestone again. It had previously crossed this milestone on March 5th. While Dogecoin reached an all-time high of $0.7376 three years ago, there is hope within the community that it may reach similar heights during this current bull run.
Tesla To Start Accepting Dogecoin Again
The success of Dogecoin can largely be attributed to Elon Musk, the owner of Tesla and SpaceX, who has been a long-time supporter of DOGE. Whenever Dogecoin faced difficulties in terms of its price, Musk would come forward to bring attention to the coin through various posts and tweets.
Recently, Musk even replaced the previous Twitter logo with the image of a Shiba Inu, the dog breed associated with Dogecoin. This move caused Dogecoin to surge by more than 30%. These incidents highlight Elon’s deep connection with DOGE.
In the past, Tesla allowed users to pay with Dogecoin for merchandise in 2022. Now, Musk has expressed openness to the possibility of accepting meme coins as payment at Tesla. Shortly after this announcement, Dogecoin’s price experienced an 11% surge.
Elon Musk at Giga Berlin today.
βWhen will I be able to buy a Tesla with dogecoin?β
βAt some point I think we should enable that.β pic.twitter.com/Suk7bifuHC— Sir Doge of the Coin (@dogeofficialceo) March 14, 2024
This statement was made by Elon Musk during his appearance at the Berlin Gigafactory. When asked about the possibility of buying Tesla cars with Dogecoin, he replied, “I think we should enable that.” Videos and posts related to this interaction quickly spread across the internet, resulting in a price jump from $0.1712 to $0.191 within just 30 minutes.
Elon Musk’s enthusiasm for Dogecoin is well-known. He has referred to DOGE as the people’s cryptocurrency. If Tesla were to start accepting Dogecoin, it would be a significant milestone for the crypto industry, especially considering that DOGE is a meme coin.
Conclusion
The recent surge in popularity of meme coins has been remarkable, signaling a meme season rather than a bull run. Dogecoin, being the most popular meme coin, has experienced significant price growth. It recently saw an 11% surge in just 30 minutes. Although it still has a long way to go to reach its all-time high value, Dogecoin’s recent progress has instilled new hopes for its future performance. If the market continues to exhibit bullish behavior, Dogecoin may set a new price record.
For more information on cryptocurrency investment options, you can also explore Shiba Inu vs Pepe Coin: Where Should You Invest?
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