Dogecoin Jumps 5%, Reaches 8th Largest Cryptocurrency and Market Cap of $10.7 Billion

Has experienced a surge in the past 24 hours, jumping 5% and now trading at $0.07 with a market capitalization of $10.7 billion. this surge has propelled dogecoin to the 8th largest cryptocurrency in the market, with cardano (ada) and polygon (matic) in 9th and 10th position respectively. bitstamp has announced that it will list dogecoin against u.s. dollars and euros, giving dogecoin holders another reason to celebrate this holiday season.

Surge in dogecoin began on november 23 and has been on a slow and steady descent since december 5. the primary reason for dogecoin’s slump is due to elon musk polling followers on whether he should step down from his role at twitter. more than 50% of pollsters voted in favor of him stepping down. dogecoin was trading hands at roughly $0.08 before rising as high as $0.10 on december 5.

Musk acquired twitter for $44 billion and has hinted at the possible implementation of some form of cryptocurrency payment rail for the social media platform. concrete details of such a move have been scarce, with the doge army churning the rumor mill. the surge in dogecoin’s market capitalization is likely due to the possibility of a cryptocurrency payment rail being implemented on twitter, as well as the listing of dogecoin on bitstamp against u.s. dollars and euros.

By Evey Lovelace

You May Also Like