• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Dogecoin

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

Christian Encila by Christian Encila
2 months ago
in Cryptocurrency Market News
Reading Time: 3 mins read

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.

Related Reading: Bitcoin Price Barrels Past $28,000 – Can BTC Keep Pushing This Week?

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
Related Reading: Ethereum (ETH) Bulls Brace For Quick Drop As Charts Predict 10% Downswing

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

Tags: Doge priceDogecoinelon muskFed rate hikeJerome Powell
Tweet123Share196ShareSend
Christian Encila

Christian Encila

Christian is a former journalist and editor, as well as a layout design consultant, who previously held leadership positions at Sun.Star News Philippines and Ang Peryodiko News, a local daily in Manitoba, Canada. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

Related Posts

Ethereum Security Jack Dorsey

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

6 hours ago
crypto hack

Atomic Wallet Hack: Stolen Crypto Moved Through Mixing Service Linked To North Korean Hackers

7 hours ago
Cardano ADA

Cardano Founder Unveils SEC Motivation For Suing Binance

10 hours ago
“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

“Not just an ordinary crypto exchange”: MaskEx’s Ben Caselin Reveals Ambitions Of UAE’s Hottest New Exchange Platform

11 hours ago
HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

HedgeUp (HDUP) Anticipates 50X at Launch in June, Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Fill Their wallets

12 hours ago
Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

Polygon (MATIC) Drops 4%, HedgeUp (HDUP) Rallies 300% in Stage 4 Presale, Whilst gaining 400+ Holders daily

12 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    7 days ago
  • Best Crypto Meme Coin Presales in 2023

    7 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Crypto Enthusiast Considers TMS Network (TMSN) A Great...

    1 hour ago
  • Kava vs. AltSignals. Which Token Has a Better Chance To 10x...

    1 hour ago
  • Investors Troop To Sparklo (SPRK) Amid Binance Coin (BNB)...

    2 hours ago
  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    11 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.