The famous meme coin, Dogecoin, ranks 9th on Coinmarketcap after its progress in the market. Dogecoin price has been surging for weeks now, where it has recorded a 108% hike within a month. So, what’s happening with Dogecoin? Let’s discuss that through this blog.

Dogecoin Price Analysis

Dogecoin is trading at $0.1736 after a 4.16% hike within a day. With the increased market cap of $24,919,185,722 after a 4.15%  jump, DOGE has made it into the top 10 cryptocurrencies on Coinmarketcap. In the last 24 hours, its trading volume has also surged by an impressive amount of 122%, pushing it to $5,301,078,645 and a number 7 ranking among the thousands of other cryptocurrencies.

 

Looking at the chart, it is clear that the Dogecoin price has gained another momentum where it can move towards the $0.2 milestone again after crossing it on the 5th of March. In the history of DOGE, it peaked at as high as $0.7376 just three years ago, but the community is expecting that to happen again in this bull run.

Tesla To Start Accepting Dogecoin Again

Dogecoin’s success can be attributed to the Tesla and SpaceX owner Elon Musk as he has been the DOGE supporter for years. At times of difficulties in Dogecoin price, he has always come forward through X post to bring attention to the DOGE.

Soon after taking over the X, Elon Musk has even replaced the previous X (Twitter logo) with the image of Shiba Inu. At this point, Dogecoin has managed to surge above 30%. Many similar accidents do prove Elon’s deep connection with DOGE.

Previously, Tesla has allowed users to pay with DOGE to buy merchandise in 2022. Elon has opened now up about the possibility of paying at Tesla in meme coins. Moments after the announcement, Dogecoin price surged by 11%.

Elon Musk at Giga Berlin today.

“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” pic.twitter.com/Suk7bifuHC

— Sir Doge of the Coin (@dogeofficialceo) March 14, 2024

This statement came after Elon Musk’s appearance at the Berlin Gigafactory. On asked when people will be able to buy Tesla cars with Dogecoin, he replied,

 “I think we should enable that.”

Soon, the videos and posts related to this interaction took over the internet, leading to a price jump from $0.1712 to $0.191 within just half an hour.

Elon’s determination toward Dogecoin isn’t unknown to anyone. He has considered DOGE as people’s crypto. If Tesla starts accepting Dogecoin, it will be a significant milestone for the crypto industry, especially when DOGE is a meme coin.

Conclusion

More than anything, meme coins have surged in popularity over the past few days, a meme season rather than a bull one. Dogecoin, the most popular meme coin, has shown remarkable price growth results, where recently, the Dogecoin price has surged 11% in just 30 minutes.  Even though it is far from its ATH value, DOGE’s recent progress has led to new hopes for the bright performance of this meme coin. If the market continues to behave the same with more bullish actions, Dogecoin might set a new price record. Learn more about Shiba Inu vs Pepe Coin: Where Should You Invest? 

The post Dogecoin Price: What’s Happening With Dogecoin? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am