Home / Markets / Cryptocurrency /  Why dogecoin's price today has surged while other cryptos trade lower

Cryptocurrency dogecoin's price gained today while other digital tokens were trading under pressure. Dogecoin rose more than 6% to $0.09 whereas top cryptos Bitcoin and ether shed 2% and 4% respectively in the last 24 hours. Dogecoin has gained nearly 25% over the past week outperforming most of the top cryptocurrencies.

“The most popular meme coin DOGE witnessed a mega rally and emerged as one of the best-performing crypto assets. Elon Musk, who has been an avid supporter of DOGE, announced that his version of Twitter will support payments. DOGE is a strong contender to become the official cryptocurrency of Twitter. DOGE was originally designed as a payment mechanism but was not able to find a real-world use case. If DOGE becomes integrated with Twitter’s payment ecosystem, it will create a mass use case for the meme coin and drive its growth momentum," said Shivam Thakral, CEO of crypto exchange BuyUcoin.

“DOGE also came very close to overtaking XRP in terms of market capitalization. The momentum could be due to the rumors around Twitter releasing its highly anticipated payment feature where DOGE would be used. Additionally, the desire of Musk to build his own ‘Tesla Phone’ if Twitter gets delisted from all major app stores on mobile devices also added strength, boosting the coin. Dogecoin believers anticipate that DOGE could be used as a payment mode in these cases and are bulking it up," said Edul Patel, CEO & Co- Founder of Mudrex.

Dogecoin has declined more than 44% in 2022 (YTD or year-to-date) so far, while Bitcoin has plunged close to 65%. Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013.

The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down more than 2% in the last 24 hours at $855 billion, as per data by CoinGecko. Crypto prices have remained under pressure this month after the collapse of Sam Bankman-Fried’s FTX empire. Now, investors are watching other crypto companies to see how far the contagion might spread.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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