Dogecoin, DOGE, a dog-themed parody cryptocurrency with strong links to tech billionaire and Twitter owner Elon Musk, looks to be failing to acquire enough traction for a significant upward swing.
DOGE fell victim to a price retracement that took it all the way down to $0.0705 the next day after peaking at $0.0749 on January 5.
Since then, the cryptocurrency has staged a mini-rally to recoup some of its losses, allowing it to gain 2.4% in value in the previous 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.
DOGE continues to establish itself as one of the well-known digital currencies, despite the fact that it is still distant from repaying its devoted investors with large profit through a big price increase.
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.
According to data provided by the business, Dogecoin accounted for 10% of all transactions handled in December 2022, nearly tripling its 6% figure in June.
According to CoinMarketCap data, Dogecoin is trading at $0.703 with a 2.59% drop in value over the last 24 hours. DOGE is also down by 5.1% over the last seven days and 31.75% over the last 14 days.
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.