Dogecoin (DOGE) Is Now 4th Most Popular Cryptocurrency On BitPay

Christian Encila

2 years ago

3 mins read

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Dogecoin, a dog-themed meme crypto that appears to enjoy strong ties with tech billionaire and Twitter owner Elon Musk, appears to be struggling to gain enough ground for a major upward swing.

After peaking at $0.0749 on January 5, DOGE fell victim to a price retracement that pulled it all the way down to $0.0705 the following day.

Since then, the altcoin launched a mini rally to recoup some of its losses, enabling it to notch a 2.4% increase in value over the last seven days.

According to tracking from Coingecko, at the time of writing, Dogecoin is changing hands at $0.0719 and despite its early struggles this year, it is able to strongly keep its place as the 8th largest cryptocurrency courtesy of its market cap which currently stands at $9.90 billion.

Dogecoin Still Among The More Popular Crypto Assets

Although still far from rewarding its faithful holders with significant profit through a massive price hike, DOGE continues to establish itself as among the well-known digital currencies.

Just recently, BitPay, one of the world’s leading crypto payments processors, revealed that the meme token is the fourth most popular transactional currency in its platform.

Source: Bitpay

According to data shared by the company, in December 2022, Dogecoin accounted for 10% of all transactions it processed, almost doubling the 6% tally it had in June.

The memecoin placed behind Bitcoin (1st, 41.81%), Litecoin (2nd, 25.51%) and Ethereum (3rd, 11.53%).

This development could be interpreted as an indication that more and more people are using the digital asset as a means of exchange.

Along this line, leading Indian cryptocurrency trading app CoinSwitch with more or less 20 million users mentioned in its report that DOGE was included in the list of the most popular virtual currencies owned by its customers.

DOGE total market cap at $9.4 billion on the weekend chart | Chart: TradingView.com

The Undeniable Musk Effect

As time goes by, it is slowly becoming apparent that Dogecoin might live and fade with the self-proclaimed “Dogefather” Elon Musk as his social media comments of the memecoin triggers instant price movements.

For example, when the Tesla CEO completed his controversial purchase of social media giant Twitter back in October 2022, DOGE’s price registered a significant uptick, from $0.0720 in October 27 to $0.1572 on November 1.

Months before his acquisition of the company, Musk floated the idea of having Dogecoin accepted as a payment for Twitter’s Blue services.

-Featured image: Cryptoglobe

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.