Tesla Acknowledges Dogecoin’s Brief Stint as the 8th Largest Cryptocurrency
Dogecoin (DOGE/USD) experienced a brief surge in value, reaching $0.076 per coin and becoming the eighth-largest cryptocurrency in the market. This increase added $1 billion to Dogecoin’s market capitalization, bringing it to $10.66 billion. However, the price soon started to decline, dropping to $0.072 with a market cap of $10.14 billion, causing it to slip back to the ninth position. Solana (SOL/USD) regained its spot as the eighth-largest cryptocurrency.
The exact cause of Dogecoin’s surge is uncertain, but there are rumors in the crypto community that it may be linked to Tesla’s potential inclusion of the currency in its payment page source code. Tesla had previously accepted Bitcoin as a payment option, but later discontinued it and removed it from the payment page’s source code. However, it seems that Tesla did not delete the code, even after removing the option to make payments using Bitcoin.
Overall, Dogecoin’s rise and fall highlight the speculative nature of cryptocurrency markets, where prices can fluctuate significantly in short periods. The influence of influential figures like Elon Musk, who has been a vocal supporter of Dogecoin, can also have an impact on its value. Investors and traders in the crypto space should stay updated on industry trends and developments to navigate these volatile markets effectively.
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