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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin

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Dogecoin continues to cement itself as the largest meme coin by market cap, displaying signs of renewed enthusiasm every so often. This week, the meme-inspired cryptocurrency added over $1 billion to its market cap, making it the 8th-largest crypto. This was a result of Dogecoin’s surge of over 10%, boosting its market cap to more than $10 billion in a matter of hours.

Dogecoin Pushes Solana To Number 9

Dogecoin has come a long way since its creation as a joke. Fueled by the hype on social media, the meme cryptocurrency has skyrocketed up the rankings to become the 8th-largest cryptocurrency by market cap. The price of Dogecoin recently crossed over the $0.070 resistance level to reach $0.076. As a result, more than $1 billion was added to its market cap, surging from $9.67 billion to $10.66 billion. 

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Although its price has now dropped to $0.074 at the time of writing, Dogecoin still has a $10.35 billion market cap, pushing Solana down to the number 9 spot. On the other hand, Solana is down by 7% in a 7-day timeframe and has lost more than $1.4 billion in market cap.

What’s Pushing The Price?

A big part of Dogecoin’s past success has come mostly from social media hype and a few influential people and groups hyping it up. A major influence is billionaire Elon Musk. Ever since Musk began tweeting about the meme coin, Dogecoin has gained more attention from crypto investors and his tweets praising the crypto have led to major spikes in interest and price. 

Dogecoin (DOGE) price chart from Tradingview.com

DOGE price retraces to $0.73 following 10% surge | Source: DOGEUSD on Tradingview.com

The latest spike in the price of Dogecoin seems to have come from rumors of Tesla retaining the cryptocurrency in its payment page source code. Dogecoin is the second cryptocurrency to be accepted by the automobile manufacturer after Tesla added Bitcoin as an option back in 2021. However, Tesla has since discontinued the option to pay with Bitcoin and has deleted the option in the source code of its payment page.  

At present, Tesla has deleted “bitcoin” in the source code of its payment page, but still retains “dogecoin”. pic.twitter.com/BQrRtuTN8Z

— Wu Blockchain (@WuBlockchain) July 21, 2023

DOGE Price Prediction

Dogecoin (DOGE) is currently trading at $0.07378, ranging between $0.065 and $0.075 for the past week. If the $0.075 resistance is broken through, we could see DOGE rise to as high as its February price of $0.096. 

Interestingly, the asset has bounced off the $0.060 support level multiple times since August 2022, making it a significant support for the meme coin. So a break below $0.060 could see DOGE fall to its lowest point in over a year.

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While Dogecoin lacks the scarcity of Bitcoin or the smart contract capabilities of Ethereum, it’s won over an enthusiastic community of supporters and has become relatively stable over the years. However, Dogecoin is still a very volatile investment, and its value is largely based on social media hype rather than real-world utility.

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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