Dogecoin (DOGE) Makes Slight 6% Climb This Week – Here’s Why

Christian Encila

Last Updated: March 24, 2023 7:37 am

3 mins read

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Dogecoin (DOGE) price has experienced a slight upward movement, bringing hope to its supporters amidst a tumultuous period for the cryptocurrency market. Earlier today, the meme-inspired digital currency has risen by 6%.

This latest surge in Dogecoin price albeit small may be partially attributed to the continued support of billionaire tech entrepreneur Elon Musk, who has been a vocal advocate of the cryptocurrency in recent months.

Musk’s tweets have been known to have a significant impact on the market value of Dogecoin, and he has referred to it as “the people’s crypto.”

Some analysts believe that Musk’s endorsement of Dogecoin has helped to increase its mainstream popularity and appeal, leading to greater investment and adoption among both individual investors and institutional players alike.

Billionaire Sends Dogecoin Price Up

The meme-inspired cryptocurrency Dogecoin appears to have received a boost from a recent tweet by Musk.

In response to a user’s tweet about visiting the U.S. to watch SpaceX’s upcoming Starship launch, Musk replied: “Okay, but it will cost 3 Doge.”

Ok, but it will cost 3 Doge

— Elon Musk (@elonmusk) March 23, 2023

Shortly after Musk’s tweet, the value of Dogecoin experienced a significant increase, with the price rising 6% to reach $0.0785 on an hourly chart. However, at the time of writing, the price has slightly dropped and is now trading at $0.076, via CoinMarketCap.

Source: CoinMarketCap

Fed Hike Sends Prices Sliding

The Federal Open Market Committee (FOMC) followed through on their expected decision to raise interest rates by a quarter point on Wednesday evening, causing major cryptocurrencies to trade in negative territory.

DOGE saw a 2.63% decline in the last 24 hours, trading at $0.073, while Bitcoin (BTC) dipped below $28,000 and Ethereum (ETH) dropped 3.31% to sell below $1,800.

A major driver of depositor flight is people moving money from low interest savings accounts to high interest money market (Treasury Bill) accounts.

This foolish rate hike will worsen depositor flight.

— Elon Musk (@elonmusk) March 22, 2023

In response to the rate hike, Musk wasted no time in criticizing the Federal Reserve’s decision, expressing concerns that it could prompt a mass exodus of depositors from banks and complicate efforts to manage the ongoing economic crisis, causing headaches for both policymakers and the banking industry.

“A major driver of depositor flight is people moving money from low-interest savings accounts to high-interest money market (Treasury Bill) accounts,” Musk tweeted. “This foolish rate hike will worsen depositor flight.”

DOGE total market cap now at $10.16 billion on the daily chart at TradingView.com

The Federal Reserve’s move to raise its main interest rate underscores its unease with the ongoing inflationary pressures. In a statement, Fed Chair Jerome Powell emphasized the central bank’s determination to bring inflation back to its targeted 2% rate.

However, the Fed also recognized the potential fallout from the recent banking crisis, acknowledging that it could lead to stricter credit access for both consumers and businesses. As a result, the Fed anticipates that these factors could dampen economic growth, job creation, and inflation.

-Featured image from Instructables

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.