Dogecoin returns to top 10: Will Elon Musk push it to 1 USD?
DOGE
$0.1
+30.51%
Dogecoin has increased more than 50% in the past seven days to enter the top 10 cryptocurrencies on CoinmarketCap.
DOGE users are hoping for a sign that Elon Musk will join the growing bull run.
Musk's comments contributed to Dogecoin's 28,000% increase in its previous bull run.
Dogecoin, the popular dog-themed meme coin, has increased significantly in price this week. The cryptocurrency has surged more than 50% in the past seven days, echoing similar moves to its behavior during the previous bull run. Data from CoinmarketCap shows that DOGE is back among the top 10 cryptocurrencies, trading for $0.128, with a market capitalization of $18.34 billion.
DOGE's rally is comparable to its behavior four years ago, when Elon Musk, owner of X, publicly supported the meme coin. Musk made several comments that stimulated Dogecoin's recovery during the previous bull run, creating favorable momentum for the cryptocurrency's rise.
Following DOGE's latest price increase, many cryptocurrency users are watching to see if owner X plays a role in the meme coin's resurgence. If that happens, many crypto users will be wondering how far DOGE will go this time.
In 2020, Musk's comments leaned towards his support and purchase of Dogecoin. He also mentioned the possibility of his electric car company, Tesla, accepting meme coins as payment. With such comments, the famous investor has attracted the interest of many cryptocurrency users, making them hope for DOGE.
Musk's support for DOGE is the source of the massive fear of missing out (FOMO) that has fueled its growth. Demand for meme coins increased, leading to several periods of massive price increases. DOGE has become one of the top performing stocks of 2020 after recording a staggering return of more than 28,000% in five months.
Musk's trend of using cryptocurrency continues with his social media platform X, which is said to be partnering with Stripe to introduce cryptocurrency payments. Initial reports suggest that the social media platform will start making payments in USDC before adding other cryptocurrencies.
According to data from TradingView, DOGE is up more than 76% this month, rising to price levels last seen in 2022. Many users expect the meme coin's resurgence to continue as they expect reactions positive from one of the most important influencers the crypto market has ever seen.
The post Dogecoin returns to the top 10: Will Elon Musk push it to 1 USD? appeared first on Coin Edition.
