Dogecoin has reclaimed its position as the ninth largest cryptocurrency by market cap. Beat Polygon (MATIC) which has seen an impressive rally over the past few weeks to keep the spot, and this was made possible by the ‘Dogefather’ himself, Elon Musk.
Elon Musk’s Tweet Causes Dogecoin to Jump 5%
This past weekend ended Super Bowl LVII, which saw the great return of the legendary singer Rihanna. During this event, billionaire Elon Musk appeared with Rupert Murdoch, chairman and CEO of News Corporation, and owner of Fox News.
In response to a tweet that included a picture of the pair at the Super Bowl asking users what they thought, Elon Musk said he was talking about “Dogecoin.” As usual, after this tweet went live, the price of DOGE responded positively.
Dogecoin
– Elon Musk (@elonmusk) February 13, 2023
After the tweet, the price of DOGE increased by 5%, reaching $0.086 which makes the market cap higher than MATIC. Despite a downward correction in the hours following the tweet, DOGE’s market cap is still above MATIC’s $10.8 billion.
However, the meme coin is still in a dangerous position and another rally from MATIC as recorded last week could easily reverse it. MATIC, itself, is sitting at a market cap of $10.29 billion, less than $600 million below Dogecoin, which can be easy pickings for digital assets with such a large market cap.
DOGE On the Charts
Of course, the price of Dogecoin has followed the general trend of Bitcoin and the broader cryptocurrency market. Change in the stock price of 1.17% in the last 24 hours. This slowdown in market momentum has brought the price back to the $0.08 support level where the bulls seem to be making a stand.
The DOGE, however, slid below its 50-day moving average, an indicator that has shown declines over the past few weeks. Interestingly, the coin’s critical support is currently at the $0.07 level, which was the trend before Elon Musk’s Twitter takeover was completed last year. This could indicate that the meme coin returns to the same price, which will put it in a better position to continue the bull rally.
As of this writing, DOGE is changing hands at $0.08166. It is down over 10% in the last seven days, according to data from Coinmarketcap.
DOGE holds above its $0.08 support | Source: DOGEUSD on TradingView.com