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Dec 01,2022

Why dogecoin price is up today while other cryptos are trading low

The price of the dogecoin cryptocurrency rose today as other digital tokens traded under pressure. Dogecoin rose more than 6% to $0.09 while major cryptos Bitcoin and Ether lost 2% and 4% respectively in the last 24 hours. Dogecoin has gained almost 25% in the past week, opening up a lot of cryptocurrencies.

"The most popular meme, DOGE, has run a mega crisis and become one of the best crypto assets. Elon Musk, who is a strong supporter of DOGE, announced that his Twitter version will take care of the reward. DOGE is a strong candidate to be Twitter official cryptocurrency. DOGE was designed as a payment system, but could not find a real use case. If DOGE integrates with the Twitter payment ecosystem, it will create a use case for the meme coin and boost its growth," said Shivam Thakral, CEO of crypto exchange BuyUcoin.

“DOGE also came close to surpassing XRP in terms of market share. This motivation may be due to the rumors surrounding Twitter launching an expected payment plan where DOGE will be used. In addition, Musk desire to build his own Tesla phone if Twitter and all the app stores are removed from the mobile device added power, boosting the game. Dogecoin supporters predicted that DOGE could be used as a means of payment in these cases and make it stronger," said Edul Patel, CEO and founder of Mudrex.

Dogecoin is down 44% in 2022 (YTD or YTD) so far, while Bitcoin is down almost 65%. Dogecoin is a parody cryptocurrency created by software engineers Billy Markus and Jackson Palmer in 2013.

The Global cryptocurrency market capitalization remained below the $1 trillion mark today as it fell more than 2% in the past 24 hours to $855 billion, according to data from CoinGecko. . Crypto prices remain under pressure this month after the collapse of Sam Bankman-Fried FTX empire. Now investors are watching other crypto companies to see where the spread can spread.

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