At a time when the crypto market is at half a tree, Dogecoin makes the statistics lie. In fact, since the FTX affair and its crash, the price of many cryptos has been falling. Even the biggest ones are seeing their curve fall, like Bitcoin which made an all time drop. In question, many crypto investors who prefer to withdraw their assets from the market rather than see them lose value, swept away in the turmoil.
But many analysts are still optimistic about the future of cryptocurrencies. Market run predicted from early 2023. Hard to believe given the current state of the market. But the unexpected and strong rise in Dogecoin could lead to a faster revival than expected. We review all of this information in the following section.
Great rise in Dogecoin on the night of November 29th
The world of crypto is full of twists and turns! And he proves it again with the significant increase of Dogecoin in a few days. But more precisely within a few hours, because it increased more than 8% on the night of November 28 to 29. A more fruitful night if we are to believe the figures!
this the increase brings the price of Dogecoin to $0.10. Peaking at 0.11 overnight, from just over $0.09 yesterday at 6pm. DogeCoin is in eighth place in the ranking of the most influential cryptocurrencies on the market. Its market capitalization increased by more than $1 billion in less than 24 hours, representing an increase of almost 10%.
However, its value is still quite low, if anything looking back its price reached above $0.63 in May 2021. But he still predicts good days for Dogecoin. Investors may be able to make significant gains if its rise continues.
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The crypto market is moving
As we know, the market has been shaken badly for several weeks, suffering the fallout from the FTX affair. But the curve can quickly reverse and that seems to be happening in the last few hours.
Notice from the Twitter network causing strong fluctuations
that’s a fact, the development of the crypto market can be strongly correlated with social networks and their operations. This is what we have seen in the past few days with the correlation between Twitter ads and the rise of Dogecoin. Elon Musk trying to transform Twitter into a multi-service application where you can order food online, for example.
To implement these new features, Elon Musk has revealed that he wants to integrate a payment system on the Twitter app. This one didn’t make a point of any particular cryptocurrency.
But the insight of the netizens led them to believe that Dogecoin could be integrated into this system. Basically, this one would be a particular fan of this memecoin. As an added tip, his company Tesla already accepts Dogecoin tokens for certain payments.
Elon Musk has said he wants to bring payments to Twitter, & that’s it $TWTR could reach 1 billion monthly active users within the next 18 months.
Yew #Dogecoin that is added as a payment method and that means ONE BILLION users could use the currency!
— CEO (@Investments_CEO) November 28, 2022
These announcements gave following significant speculation on DogeCoin. These speculations are based on unconfirmed information, but that is enough for crypto investors to raise their value.
Dogecoin follows the curve of Bitcoin and Ethereum which has just increased?
Other signs are growing and momentum is returning. This is the case of Bitcoin, which i an increase of about 1.3% in the last 24 hours. Its value is close to $16,500. Recall that a few days ago, its value fell to almost $15,500, a sad record in the history of BTC.
Ethereum (ETH) has also seen a sharp rise in recent times. According to CoinMarket the token benefited from ita 3% increase on the previous 24 hours. The current value of ETH is $1210. At the time of the November 8 crash, its value was about $1100. Finally, let’s talk about LiteCoin which is making nice progress in the CoinMarketCap ranking, now in thirteenth place. After a 5% jump in the last 24 hours, the token is trading at $76.02.
All these increases promise an evolution of the crypto market that tends to positive signs. But, this crisis has still shaken the cryptographic universe. In fact, on Monday, BlockFi became the first major crypto firm to file for bankruptcy. His bankruptcy shows that three of his main investors owe him more than a billion dollars.
A little history of DogeCoin
It all started with a joke in 2013, the DogeCoin project was created in 3 hours by Billy Markus. Together with his friend Jackson Palmer, they mine the currency on their underpowered computers. They are quickly limited by their equipment, but still share the sum of $10,000.
This memecoin is famous for its iconic figure, the Shiba Inu. He stayed identifiable and identifiable since thanks to this image of a surprising dog. A bit of humor reigns around this creation, to the detriment of the very serious cryptographic world.
It was on Reddit that the DogeCoin really exploded, generating $8 billion in value through the platform. This provided a reward system for users for their good deeds.
Founders of Dogecoin then stood out from their gifts DOGE to fund charitable activities. It didn’t last very long and in 2015 the founders decided to leave the event.
Today the value of its market capitalization is equal to more than 13 billion dollars. Nice development for a project that was just a joke at first. Find all the crypto news and prices of the most famous assets on our dedicated page!