The price of meme coin Doge is gradually moving up after some weeks of serious beat down in price. Investors of dogecoin taken losses over the past week as a result of price dips. The favorite cryptocurrency of Elon Musk has appreciated by over 20 percent in the past 24 hours.
The rest of the cryptocurrency market seems to be recovering from loss. Dogecoin has been the best performing altcoin in the last 24 hours with a large margin. Ethereum, for example, is today up by 3 percent. Bitcoin is also on the rise and it has stayed above 30,000 US dollars since it dipped below 20,000 dollars for the first time since February.
Although there has been a significant improvement in the price of Dogecoin we are still not certain about when it will hit an all-time high of 0.73 US dollars. Elon Musk’s frequent talk about cryptocurrency on Twitter is a major driving force on the rise of the meme coin. He has continued to influence the price swing of Dogecoin and other cryptocurrencies with his series of posts on Twitter.
Dogecoin was invented in 2013 as a joke but is now the sixth biggest cryptocurrency. digital currency currently has a market cap of over 30 billion dollars. Dogecoin was listed in Coinbase Pro earlier this month along with other altcoins but it continued to shed value dropping by 15 percent in one night this week.
Some people have made a lot of money by investing in Doge. Glauber Contessoto made headlines when he became a millionaire by investing all his savings in Doge. He has however lost that millionaire status because he refused to cash out. Dogecoin developers have admitted that they are working on making the digital currency a rival to Bitcoin. They are hoping it will be faster, cheaper, and more environmentally friendly.