Dogecoin dropped to 14th place on CoinMarketCap due to crypto markets being bearish. It quickly recovered to 10th position after today’s news that Elon Musk was buying Twitter. DOGE was out of the top 10 cryptos for a long but today’s rise has put the coin back into the top 10 cryptos by market cap.
DODE went crazy after learning that Elon Musk had taken Twitter private. After the news, DOGE’s price has risen 20%. Twitter will accept this news. Musk’s $43 billion offer.
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Elon Musk is Behind the Rise of Dogecoin’s Price
DOGE has steadily risen since Monday’s low of $0.1239, and is now about 20% higher. As of the writing time, $0.158 is the current coin price. A remarkable rise in DOGE’s market value to $20.96 trillion has put crypto among the Top 10.
Dogecoin’s current value is only half that of one year ago.
As of today’s morning, the overall cryptocurrency market cap fell by 2.79% to $1.79 Trillion. However, as DOGE began rising, the DOGE also saw an increase in other coins such as Bitcoin and Ethereum. With a rise of 1.78%, crypto’s total market cap now exceeds $1.82 trillion.
What’s going on? DOGE’s price has been trending steadily down for the last three months. It was stable throughout that time. However, it experienced some volatility and a jump in trade volume from Elon Musk making his intentions public on Twitter—which may have something to do with why investors are sellers at present rather than buyers.
After reports that Tesla boss Elon Musso is interested to buy Twitter, both the trading volume and price of Dogecoin are up. The trading volume for DOGE increased by 145% over the past 24 hours and the market capital was 5% more than the day before.
Elon Musk, one of the most open and influential backers of Dogecoin via social media, is a prominent figure. Elon Musk has often stated that he believes in this crypto token and has seen it rise in price.
Experts Say DOGE Could Fall Despite a US Fed Hawkish Position
Some believe DOGE may fall in price because the US Fed has taken a hard line against inflation. Experts predict that DOGE’s price will fall due to selling pressure for crypto assets.
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BuyUcoin’s CEO, Shivam Thakral said:
The hawkish Fed’s stance to combat high inflation has caused tremendous selling pressure on crypto assets. Doge prices could fall further if this trend continues.
Featured Image from Pixabay. Chart from Tradingview.com
