The ecosystem of digital currencies is presently moving towards a negative area with strong altcoin momentum. Dogecoin (DOGE), the first meme coin in the business, is one of the main forces behind the bullish trend. As of the time of writing, Dogecoin entered the upswing, gaining by 10.18% over the previous day in an effort to make up for losses from the previous week.
As a fantastic digital currency, Dogecoin is now accepted as a medium of trade by both people and businesses. Even though the majority of countries do not recognise cryptocurrency as legal cash, organisations like Tesla Inc. have embraced it and still promote the leading altcoin.
Dogecoin is now trading at a price of $0.07494, which has just surpassed its previous one-month high of $0.07318.
In a previous article, U.Today described how Elon Musk’s electric car manufacturer, Tesla Inc., continued to accept Dogecoin (DOGE) as payment while avoiding Bitcoin. This effort was demonstrated when earlier reports claimed that the corporation had included a reference to Bitcoin in its source code before removing it but keeping the reference to Dogecoin.
Elon Musk affair
One may argue that Elon Musk’s influence is one of the main factors driving the rise of Dogecoin (DOEG) and, therefore, the several Shiba Inu-themed meme currencies now in circulation. The decision by the billionaire to make Dogecoin the Twitter logo earlier this year is analogous to the decision to keep Dogecoin in Tesla’s source code.
Many DOGE community members saw these displays of togetherness as endorsements, and they acted as a purchase signal for many others who went on buying binges. Overall, Dogecoin continues to experience decent volatility, which has enabled it to hold onto its ranking as the eighth-largest digital currency and the biggest meme coin.
