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Dogecoin Enjoys 5% Rebound After Month-Long Tumble

With Dogecoin jumping 5% over the past 24 hours, holders have another reason to celebrate this holiday season.

DOGE is now trading at a little over $0.07 and enjoys a market capitalization of $10.7 billion, making it the market’s eighth-largest cryptocurrency. In ninth and tenth position, respectively, are Cardano (ADA) and Decrypt‘s project of the year, Polygon (MATIC).

The minor rise comes fast on the heels of a new exchange listing for Dogecoin; Bitstamp announced yesterday that it would list the meme coin against U.S. dollars and euros.

Today’s move, though, comes after a brutal month-long descent for Dogecoin, per CoinGecko. On November 23, DOGE was trading hands at roughly $0.08 before rising as high as $0.10 on December 5. Since then, however, it’s been on a slow and steady tumble.

The primary reason for Dogecoin’s slump was due to noted Dogecoin booster and Twitter CEO Elon Musk polling followers on whether he should step down from his role at the social media giant.

More than 50% of pollsters voted in favor of him stepping down, seemingly snuffing out any continued speculation that the tech billionaire would be implementing the cryptocurrency on the platform.

Shortly after Musk’s deal to acquire Twitter for $44 billion was complete, he registered the firm as a payments business as well as hinting at the possible implementation of some form of cryptocurrency payment rail for the social media platform.

Concrete details of such a move have been scarce, but that hasn’t stopped the Doge Army from churning the rumor mill.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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