As seen on CoinGecko, Dogecoin is hopping on Terra Luna to re-enter the top 10 after the latest soaring
According to CoinGecko data, Dogecoin has flipped Terra’s LUNA market capitalization to rank 10th. At a present market capitalization of $27.05 billion, Dogecoin has surpassed Terra (LUNA), Avalanche (AVAX) and even Shiba Inu (SHIB).
Dogecoin (DOGE) saw prices rise 48% on December 14 following decision by Tesla CEO Elon Musk announcement that “Tesla will make some products purchasable with Doge and see how that goes.”
The move comes after the CEO hinted at Dogecoin being ”a better payment option.” Elon Musk, who was named Time Magazine’s “Person of the Year” this week, had declared that Dogecoin was “better suited for transactions” than Bitcoin.
However, Tesla’s acceptance of Dogecoin among many other cryptocurrencies puts him in a strange position, subject to criticism. Recall that Tesla briefly adopted BTC as a payment method earlier this year, sparking the price of Bitcoin. The company then ditched the payment option, citing the reason as “the increasing use of fossil fuels for Bitcoin mining and transactions.”
Dogecoin price performance
Data from TradingView shows Dogecoin climbing over 48% to reach an intraday high of $0.228. Although the price has slightly retreated to trade at $0.203 as of press time, Dogecoin remains the only crypto asset in the top 10 to trade in the green, both in the last 24 hours and on a seven-day basis.
Earlier, Dogecoin followed Bitcoin’s lead on the downside, trading at a low of $ 0.151 on December 13. However, the quick boost from Tesla CEO’s announcement pushed DOGE up 13.9% per week.
