A canine-themed crypto, Dogecoin, has seen attention due to its strong connection with the Twitter owner and tech billionaire Elon Musk. However, DOGE struggles to gain sufficient momentum for massive upward movements.
Dogecoin suffered a retracement that dragged its prices lows after hitting the $0.0749 high on 5 January. The bearish wave had DOGE exploring the $0.0705 lows the following day. However, the alt recorded a minor rally to recover some lost ground.
That allowed DOGE to gain around 2.4% over the past seven days. CoinGecko indicated that Dogecoin wavered at $0.0719 during this writing. Despite early struggles in 2023, the alt retains its spot as the eighth latest crypto, with its market capitalization at $9.90B.
DOGE Still Among Most Popular Cryptos
Though DOGE still needs to ensure substantial profits for its loyal holders with massive price hikes, the meme coin continues to present itself as one of the most recognized cryptocurrencies. Recently, the leading cryptocurrency payment processor BitPay confirmed that the dog token is the 4th most popular coin on the platform as far as transactions are concerned.
The data showed DOGE accounted for about 10% of transactions processed in December last year. That was nearly double June’s value of 6%. However, the meme token came behind BTC (41.81%), LTC (25.51%), and ETH (11.53%).
That could mean more individuals are using Doge as a mode of exchange. In that context, CoinSwitch, a leading Indian crypto trading app with around 20M users, indicated that DOGE joined the list of popular currencies its customers owned.
The Patent Musk Effect
With time, DOGE could live & fade with Elon Musk, the Dogefather, with its social media posts of the token triggering instant price actions. For instance, the renowned meme coin saw substantial price surges in October 2022 when Musk finalized his controversial Twitter accusation.
The token soared from 27 October at $0.0720 to 1 November at around $0.1572. The Tesla CEO hinted about Dogecoin’s inclusion as a payment option for Twitter Blue months before purchasing the social platform.
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