The total crypto market cap has dropped by 1.77% to $1.17 trillion, putting the whole digital currency ecosystem today in a downward spiral. The market is in a deep downturn, but Dogecoin (DOGE), the sole green cryptocurrency amid a sea of red, is displaying distinct positive momentum. At the time of writing, the spot price of the meme currency is $0.0774, up 8.25% over the course of the previous night.
With a growth rate of 12.18% over the previous week, Dogecoin has maintained the majority of its gains in contrast to the majority of the mid-cap capitalised cryptocurrencies it is competing with. Even though Dogecoin is known for its extreme volatility, the current run is particularly amazing since the trading volume of the meme coin has increased by more than 523% to $1.77 billion.
Given that Dogecoin’s complete integration into Twitter is imminent, there is a greater feeling that it will continue to be relevant. When Elon Musk just updated his bio to X and added the Dogecoin symbol, he gave away a mysterious message.
These hints reveal Elon Musk and the X social media platform, which he just relaunched Twitter as, both see a lot of value and relevance in dogecoin.
Sustainable momentum?
Dogecoin’s rise demonstrates that the meme coin still has a significant upside in its long-term goal to reach the $1 price level. The DOGE army, as the community is sometimes referred as, thinks this is impossible even if it looks like a grandiose aim that is quite a ways off.
The question of whether DOGE’s expansion is long-term sustainable is one obstacle that must be overcome. Although Elon Musk’s influence is bolstering sentiment, it still needs to overcome the challenge of remaining appealing to investors in the face of its primary competitors, such as Shiba Inu (SHIB) and PEPE.
