Dogecoin, a dog-themed meme crypto that appears to enjoy strong ties with tech billionaire and Twitter owner Elon Musk, appears to be struggling to gain enough ground for a major upward swing.<\/span><\/p>\n After peaking at $0.0749 on January 5, DOGE fell victim to a price retracement that pulled it all the way down to $0.0705 the following day.<\/span><\/p>\n Since then, the altcoin launched a mini rally to recoup some of its losses, enabling it to notch a 2.4% increase in value over the last seven days.<\/span><\/p>\n According to tracking from <\/span>Coingecko<\/span><\/a>, at the time of writing, Dogecoin is changing hands at $0.0719 and despite its early struggles this year, it is able to strongly keep its place as the 8th largest cryptocurrency courtesy of its market cap which currently stands at $9.90 billion.<\/span><\/p>\n Although still far from rewarding its faithful holders with significant profit through a massive price hike, DOGE continues to establish itself as among the well-known digital currencies.<\/span><\/p>\n Just recently, BitPay, one of the world\u2019s leading crypto payments processors, revealed that the meme token is the <\/span>fourth most popular transactional currency<\/span><\/a> in its platform.<\/span><\/p>\n According to data shared by the company, in December 2022, Dogecoin accounted for 10% of all transactions it processed, almost doubling the 6% tally it had in June.<\/span><\/p>\n The memecoin placed behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).<\/span><\/p>\n This development could be interpreted as an indication that more and more people are using the digital asset as a means of exchange.<\/span><\/p>\n Along this line, leading Indian cryptocurrency trading app CoinSwitch<\/a> with more or less 20 million users mentioned in its report that DOGE was included in the list of the most popular virtual currencies owned by its customers.<\/span><\/p>\n As time goes by, it is slowly becoming apparent that Dogecoin might live and fade with the self-proclaimed \u201cDogefather\u201d Elon Musk as his social media comments of the memecoin triggers instant price movements.<\/span><\/p>\n For example, when the Tesla CEO completed his controversial <\/span>purchase of social media giant Twitter<\/span><\/a> back in October 2022, DOGE\u2019s price registered a significant uptick, from $0.0720 in October 27 to $0.1572 on November 1.<\/span><\/p>\nDogecoin Still Among The More Popular Crypto Assets<\/b><\/h2>\n
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<\/p>\nSource: Bitpay<\/pre>\n
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DOGE total market cap at $9.4 billion on the weekend chart | Chart: TradingView.com<\/a><\/pre>\n
The Undeniable Musk Effect<\/b><\/h2>\n