Why Dogecoin Price Is Up Today While Other Cryptos Are Trading Lower

 

• Dogecoin has gained nearly 25% in the past week, outperforming most of the top cryptocurrencies

The price of cryptocurrency Dogecoin gained today while other digital tokens were trading under pressure. Dogecoin rose over 6% to $0.09 in the past 24 hours, while top cryptos bitcoin and ether fell 2% and 4%, respectively. Dogecoin has gained nearly 25% in the past week, outperforming most of the top cryptocurrencies.

“The most popular meme coin DOGE witnessed a mega rally and emerged as one of the best performing crypto assets. Elon Musk, who has been an ardent supporter of DOGE, announced that his version of Twitter will support payments . DOGE is a strong contender to become Twitter's official cryptocurrency. DOGE was originally designed as a payment mechanism but was not able to find a real-world use case. If DOGE integrates with Twitter's payment ecosystem If integrated, it will create a massive use case for Mem Coin and accelerate its growth,” said Shivam Thakral, CEO of crypto exchange BuyUcoin.

“DOGE has also come very close to overtaking XRP in terms of market capitalization. The momentum may be due to rumors surrounding Twitter about the release of its much-anticipated payment feature where DOGE will be used. Additionally, Musk's own The desire to make a 'Tesla phone' if Twitter is removed from all major app stores on mobile devices also fueled the promotion of the coin. Dogecoin believers anticipate that DOGE will be used as a payment mode in these cases. and are scaling it up," said Edul Patel, CEO and co-founder of Mudrex.

Dogecoin is down more than 44% so far in 2022 (YTD or year-to-date), while bitcoin is down close to 65%. Dogecoin is a parody cryptocurrency created in 2013 by software engineers Billy Marcus and Jackson Palmer.

Global cryptocurrency market capitalization remained below the $1 trillion mark today, according to data from CoinGecko, as it fell over 2% to $855 billion over the past 24 hours. Crypto prices have been under pressure this month following the collapse of Sam Bankman-Fried's FTX empire. Now, investors are looking to other crypto companies to see how far the contagion can spread.