The overall digital currency ecosystem is experiencing a protracted process of consolidation, with a total market worth of $1.05 trillion, up 0.27% from the previous quarter. The first meme coin on the market, Dogecoin (DOGE), contributes little to this rise since it has had just 1.02% gain over the last day, bringing its price to $0.06305.
Dogecoin is known to make a number of stunning movements while operating alone, despite the fact that it may only retain a conservative dominance in the larger ecosystem of digital currencies. The meme coin is poised for its next parabolic run, according to recent on-chain statistics, based on the consistency of its trading volume across the board.
However, one more unusual catalyst – a favourable tweet from Elon Musk — will have a significant positive impact on the Dogecoin revival. Elon Musk continues to stand out as the most important person in the cryptocurrency world, and he is largely to blame for the recent price movement of Dogecoin, despite the fact that it is a significant digital currency with its own community and viewpoints.
Musk’s trigger is not known and might occur at any time. If it does, though, it has the potential to accentuate the majority of the principles the currency is already demonstrating.
Dogecoin whale impact
Along with Elon Musk, market whales that have recently doubled down on their bags can have a significant positive influence for Dogecoin. Large account holders have accumulated a significant amount of DOGE, as previously reported by U.Today, to assist reduce the circulation quantity of the meme coin.
This cushioning is crucial for boosting the asset’s price, so if DOGE stacks up at the same time as Musk posts, we may anticipate a sharp increase in the cost of the top meme currency.
