Dogecoin has as soon as once more reclaimed its place because the ninth-largest cryptocurrency by market cap. It beat out Polygon (MATIC) which noticed a formidable rally over the previous couple of weeks to retain its place, and this was made attainable by the ‘Dogefather’ himself, Elon Musk.
Elon Musk Tweets Trigger Dogecoin To Bounce 5%
This previous weekend noticed the completion of the Tremendous Bowl LVII, which noticed the long-lasting return of legendary singer Rihanna. Throughout this occasion, billionaire Elon Musk was noticed with Rupert Murdoch, the chairman and CEO of Information Company, and the proprietor of Fox Information.
Responding to a tweet that included an image of the pair on the Tremendous Bowl asking customers what they thought they had been speaking about, Elon Musk mentioned they had been speaking about “Dogecoin.” As all the time, as soon as this tweet went dwell, the value of DOGE responded positively.
— Elon Musk (@elonmusk) February 13, 2023
Following the tweet, DOGE’s worth surged 5%, permitting it to succeed in $0.086 which pushed its market cap larger than that of MATIC. Despite the fact that there was a downward correction within the hours following the tweet, DOGE’s market cap continues to be sitting above MATIC’s at $10.8 billion.
Nevertheless, the meme coin continues to be in a dangerous place and one other rally from MATIC just like the one recorded final week might simply flip it as soon as extra. MATIC, by itself, is sitting at a market cap of $10.29 billion, lower than $600 million under Dogecoin, which will be straightforward pickings for digital belongings with such giant market caps.
DOGE On The Charts
Naturally, Dogecoin’s worth has adopted the overall development of Bitcoin and the broader cryptocurrency market. It’s only seeing minor features of 1.17% over the past 24 hours. This slowdown in market momentum has introduced its worth again right down to the $0.08 help stage the place the bulls appear to be making their stance.
DOGE has, nevertheless, slide under its 50-day shifting common, an indicator that exhibits its decline over the previous couple of weeks. Curiously, the coin’s important help is now sitting on the $0.07 stage, which is the place it was trending earlier than Elon Musk’s takeover of Twitter was finalized final 12 months. This might present that the meme coin is returning to truthful pricing, which might put it in a greater place to renew its bull rally.
On the time of this writing, DOGE is altering fingers at a worth of $0.08166. It’s down over 10% within the final seven days, in response to knowledge from Coinmarketcap.
DOGE holding above its $0.08 help | Supply: DOGEUSD on TradingView.com