The first ‘meme coin’ is indicating around 12% growth in past weeks. At the time of writing, Dogecoin has a circulating supply of 132.67 Billion. The current pricing of Dogecoin is $0.099034 USD with a 24-hour trading volume of $829.11 Million USD. However, Dogecoin is down 4.05% in the last 24 hours with the current CoinMarketCap ranking at 8, with a live market cap of $13.13 Billion USD.
The above graph-chart shows the seven day token performance, while the token noted priced around $0.108 USD on December 01, 2022.
The Speculation on Dogecoin
Some assumed that the hike above $0.1 began on Sunday night when the Tesla Founder, Elon Musk shared a slide deck on his Twitter that included his futures plans for the platforms.
A slide indicates a “payments” section with no image or further information on what Mr. Musk wants to see happen.
It must be noted that the success of ‘meme coin’ started when in early 2021 Mr. Musk began tweeting about Dogecoin. And the foundation relaunched in 2021 with a “renewed focus on supporting the Dogecoin Ecosystem, Community and promoting the future of the Dogecoin Blockchain.”
The recent rumors may have helped make Dogecoin one of the week’s Best performers in the crypto markets, with the biggest weekly hike of any of the top-50 digital currencies.
Here the only coin coming close to the same performance is Huobi Token (HT), the token issued by the exchange of the same name, which is up 16.99% in the last seven days amid announcing its strategic partnership with Poloniex.
Furthermore, in recent times, Mr. Musk teased the idea of using Dogecoin in a payment system for Twitter, though as with many statements made by Mr. Musk, it was not clear if he was joking.
Recent Crypto Price Update
The most recent market update shows that the big crypto tokens, like Dogecoin, BNB, Solana, Ethereum, and Bitcoin hitted the red mark. The famous meme coin plunged by 3.46% in the past 24 hours.
The two most traded crypto coins, Bitcoin is low by 0.90% while Ethereum has plunged by 0.58%. Somewhere the price of crypto looks like they are in a recovering phase as it noted an increase in its price, while the current performance does not look investor-friendly, as the famous tokens are trading in red.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/12/02/dogecoin-is-up-12-in-past-week-amid-speculation/