Dogecoin, the dog-themed crypto meme that seems to enjoy a strong relationship with tech billionaire and Twitter owner Elon Musk, seems to be struggling to gain enough ground to swing upward.
After peaking at $0.0749 on January 5, DOGE fell victim to a price retracement that pulled it to $0.0705 the next day.
Since then, the altcoin launched a mini-rally to recoup some of its losses, allowing it to add 2.4% in value over the last seven days.
By tracing from Coingeckoat the time of writing, Dogecoin changed hands at $0.0719 and despite the struggle early this year, it was able to firmly keep its place as the 8th cryptocurrency with the largest market cap which currently stands at $9.90 billion.
Dogecoin is still among the more popular Crypto Assets
Although it is still far from rewarding its faithful with significant profits through substantial price increases, DOGE remains one of the most well-known digital currencies.
Just recently, BitPay, one of the world’s leading crypto payment processors, announced that the meme token is the fourth most popular transactional currency on a platform.
According to data shared by the company, in December 2022, Dogecoin accounted for 10% of all transactions processed, almost double the 6% in June.
The memecoin is placed behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).
This development can be interpreted as an indication that more people are using digital assets as a means of exchange.
Along these lines, the leading Indian cryptocurrency trading app CoinSwitch with more or less 20 million users mentioned in the report that DOGE was included in the list of the most popular virtual currency owned by customers.
DOGE total market cap at $9.4 billion on the weekend chart | Chart: TradingView.com
The Musk Effect is undeniable
As time passed, it slowly became apparent that Dogecoin could live and fade with the self-proclaimed “Dogefather” Elon Musk as memecoin social media comments triggered rapid price movements.
For example, when the CEO of Tesla completed the controversial bought social media giant Twitter back in October 2022, the price of DOGE registered a significant uptick, from $0.0720 on October 27 to $0.1572 on November 1.
A month before the company’s acquisition, Musk floated the idea of Dogecoin being accepted as payment for Twitter’s Blue service.
-Featured image: Cryptoglobe