In the past day, most cryptocurrencies have been experiencing an upswing in line with Bitcoin. However, Dogecoin appears to be charting its own course as it has taken a different direction. The meme-inspired digital currency started Thursday with a decline, continuing its recent trend of diverging from the broader crypto market.
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Dogecoin falls, decoupling from market rally? Dogecoin Fails To Register Similar Gains To Larger Altcoins
Dogecoin has experienced difficulty in keeping up with the gains of other top altcoins like Ethereum and XRP. Despite this, the meme coin has maintained a relatively stable trend, falling only slightly over 3% in the early hours of Thursday, while Bitcoin saw recoveries. Dogecoin falls, decoupling from market rally?
This is not the first time that DOGE has moved in the opposite direction of other cryptocurrencies. Earlier this week, Bitcoin's price fell below $30,000, causing the broader market to decline. However, DOGE remained resilient in the face of this bear trend, thanks in part to billionaire Elon Musk's continued support for the digital asset.
Musk recently changed his Twitter location to X, but also added the infamous DOGE symbol, sparking speculation that Dogecoin may be integrated into the social media platform as a payment method. As a result, the price of DOGE rallied, even as other digital assets saw their prices fall.
While the market has since cooled off and DOGE's daily gains have returned to single digits, its deviation during the market recovery is not surprising given its earlier rally.
DOGE Becomes 7th-Largest Cryptocurrency
Dogecoin, despite not following the market trend, remains one of the top cryptocurrencies with a market cap of $11.1 billion, making it the 7th largest in the market. DOGE has surpassed Cardano due to its recent rallies. However, the momentum of DOGE is currently slowing down with a significant decrease in daily trading volume, which has dropped by more than 45% in the last day to $678 million. This decline suggests that investors may be moving away from the asset as they believe the rally may be over. If Elon Musk mentions the coin in the coming days, the meme coin may still rally, but it could be challenging for it to recover at this level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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