Polkadot Slips to 11th Position By Market Value as Dogecoin Takes Over

• The rally, eventually, lasted just a few hours.
• The price of Dogecoin has increased by 4.27 percent during the past day.

Tesla CEO Elon Musk said on Twitter on Friday that his space exploration business SpaceX would soon accept Dogecoin as payment. As a result, Dogecoin’s value increased. DOGE rocketed up to over 9 cents within minutes of the tweet, partly reversing Thursday’s 6.14 percent drop, as DOGE completed the day at $0.0814.

According to Musk’s forecast, Dogecoin might “one day” be used to pay for SpaceX’s Starlink subscriptions. If you’re in a rural or distant place, Starlink claims to be able to deliver “high-speed, low latency broadband internet” through satellite.

Musk Dominates DOGE Price 

The rally, on the other hand, lasted just a few hours. DOGE is now trading at about $0.081. While the rest of the crypto market continues to decline, DOGE has gained a little over 4% on the day. Although this isn’t the first time Musk has affected DOGE’s price.

Tesla CEO Elon Musk’s intentions to purchase Twitter sparked a surge in the market value of the meme-inspired cryptocurrency last month. DOGE prices rose by 32 percent in December after he said that Tesla products could be bought using DOGE.

His enthusiastic tweets about Bitcoin after his company’s $1.5 billion purchase coincided with the cryptocurrency’s brief but quick rise. Dogecoin (DOGE) has surpassed Polkadot (DOT) to become the tenth-largest cryptocurrency in the world by market valuation, according to statistics accessible on CMC. It’s now trading at $0.081494 with a 24-hour volume of $1.292,139,186 USD. The price of Dogecoin has increased by 4.27 percent during the past day.