Crypto News

Dogecoin Market Cap Surpasses Ford, Elon Musk Reacts

Dogecoin, Dogecoin Market Cap Surpasses Ford, Elon Musk Reacts
Dogecoin Market Cap Surpasses Ford, Elon Musk Reacts

California (CoinChapter.com) — The Dogecoin stays bullish despite a brutal sell-off Tuesday.

The meme cryptocurrency is now a serious contender in the top-ten digital assets by market cap, with its total circulation hopping around $50 billion. That makes Dogecoin bigger than both Ford Motor Co. and Kraft Heinz Co. and nearly equal to Twitter, even though it practically creates nothing for the masses out there.

The DOGE/USD exchange rate resumed its climb on Wednesday. The hope was that the price could ultimately reach $1, but prices were trading at around $0.32, according to TradingView.com. Even still, the price has rallied around 400% over the past week.

Dogecoin, Dogecoin Market Cap Surpasses Ford, Elon Musk Reacts

This latest push has also attracted Dogecoin’s celebrity supporters, including Elon Musk. The Tesla owner has contributed to prior price rises for Dogecoin, and many were anticipating his response to this rally. That finally came on Tuesday in the form of a simple emoji.

Dogecoin, Dogecoin Market Cap Surpasses Ford, Elon Musk Reacts

What’s Next for Dogecoin?

Dogecoin as a whole has been relatively divisive within the crypto industry. Many altcoin supporters love its rise, but others believe it is only adding volatility to the market. Furthermore, there is concern that it is detracting from more useful endeavors in crypto, such as decentralized finance.

Mark Cuban has also spoken out amidst this DOGE run. The Dallas Mavericks owner noted a massive increase in team merchandise sales in Dogecoin over the past month. Earlier in the year, Cuban announced that the team would accept the coin as payment on its online store. In his latest tweet on the coin, he insisted that the Mavericks would not sell any DOGE acquired through merchandise sales.

It is also worth noting that Dogecoin’s price has risen as other cryptos have been in a bit of a slump. The momentum of the Coinbase listing is wearing off and many coins have fallen off, including Bitcoin. The world’s largest crypto is down to around $55,000 after dropping for five consecutive days.

Dogecoin enters period of consolidation following its bullish move. Source: DOGEUSD on TradingView.com
Dogecoin enters period of consolidation following its bullish move. Source: DOGEUSD on TradingView.com

Technically, Dogecoin has entered a period of consolidation. Its overvaluation on higher timeframes continues to pose downside risks. With no concrete fundamentals backing the rally, there will always be a possibility that DOGE/USD crashes hard. Traders could expect to test its 20-day exponential moving average should such a downside move follow. The green wave sits near $0.17.

Photo by Tech Daily on Unsplash

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Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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