Dogecoin (DOGE) Price Falls 5.5% After Brief Rise Following Musk Tweet

Dogecoin (DOGE) Price Falls 5.5% After Brief Rise Following Musk Tweet
  • It’s still up about 1,900 percent over the previous year.
  • Dogecoin might rise in value if more businesses accept the token.

This morning, the price of the world’s most popular and most significant digital currency, Bitcoin, fell below $43,000. Since the beginning of the year, Bitcoin has lost roughly 7% of its value. Meanwhile, according to CoinMarketCap, the worldwide cryptocurrency market cap remains unchanged at $2.19 trillion today.

Elon Musk recently announced that Tesla is accepting Dogecoin for its products, including the “Giga Texas” belt buckle and miniature electric car models. Dogecoin prices rose 25% due to Musk’s announcement that Tesla will use digital currency as a payment option.

Dogecoin: Still Positive

DOGE/USDT: Source: TradingView

However, the coin’s value fell by more than 5% yesterday. Although Dogecoin has had a recent dip, it is still up over 19 percent over the past week. There has been a 75% drop in the value of Dogecoin from its all-time high in May last year. It’s still up about 1,900 percent over the previous year, despite recent turbulence in larger crypto markets and significant drops in its token price.

Read More: Dogecoin Price Prediction

Since Dogecoin does not have an underlying blockchain service network like Ethereum, Solana, or Cardano. The driving force may only influence its price via currency acceptance and speculation. Dogecoin might rise in value if more businesses accept the token as a means of payment or if more trading platforms provide the ability to purchase and sell the cryptocurrency.

According to CoinMarketCap, the Dogecoin price today is $0.170846 USD with a 24-hour trading volume of $1,088,010,111 USD. Dogecoin has been down 5.55% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.