The price of dogecoin has soared to a record high without the tweets of its most influential investor, Elon Musk, the world’s second richest man with an estimated net worth of $190 billion.
The seventh most valuable crypto on the FTX exchange traded at $0.273208 with a daily trading volume of $9.2 billion.
Dogecoin gained 28.29% on the day, and the meme coin had a market value of $35.7 billion when this report was drafted.
Meme coins were one of the big winners during the last hype. Musk, however, has also come under fire for his tweets about Dogecoin. Dogecoin’s price is said to have been affected by his tweets. DOGE was a high-risk investment due to its high volatility, which made some investors rich.
There is some question as to whether this payment integration will help Dogecoin reach new heights. Nevertheless, recent price action shows that Doge investors welcomed Oscar Mayer, the food production company, with open arms. Dogecoin may have a better chance of gaining wide adoption as more mainstream brands embrace it.
The DOGE bulls, however, will likely retrace if they fail to penetrate the falling trend line and the horizontal resistance level at $0.3.
What you should know
- A man identified as Jackson Palmer and an American entrepreneur named Billy Markus created Dogecoin. About eight years ago, it forked from Litecoin.
- Crypto assets such as meme coins are decentralized and allow peer-to-peer transactions to take place. Therefore, online money transfers are much easier. It is commonly referred to as “the internet currency.”
- The Scrypt technology makes it different from BTC’s proof-of-work protocol in many ways.
- Also, the fast-growing altcoin has a block period of 1 minute and the total supply is unlimited, which means it is possible to mine an unlimited amount of Dogecoin.
- The meme coin is exclusively used on platforms such as Twitter and Reddit as a tipping system for creating or sharing quality content.