Dogecoin (DOGE) rallied 5.4% in 24 hours, Why?

Paigambar Mohan Raj
Source: TechStory

Dogecoin (DOGE), the original memecoin, witnessed a 5.4% gain in the 24-hour charts. The popular canine-themed crypto slumped over the last few weeks. Before reaching a peak of $0.10 on December 5, DOGE was trading at about $0.08 on November 23. However, it is undergoing correction at press time.

Source: Coingecko

Moreover, Elon Musk’s announcement that he will step down as Twitter’s boss had additional effects on Dogecoin. Many were worried that the plan to incorporate DOGE into Twitter was off the table with Musk’s exit. However, there is no official word on this front.

Why is Dogecoin rallying?

DOGE’s latest 5.4% gain comes hot on the heels of a new exchange listing. Yesterday, the popular crypto exchange Bitstamp announced that its had listed the popular memecoin. New listings usually mean more investors have access to the token. The rally could be a reaction to Bitstamp’s inclusion of DOGE.

DOGE’s rally also coincides with the token’s social engagement witnessing a slight spike. According to the data on LunarCrush, Dogecoin’s social engagement jumped by 3.8%, while social mentions increased by 0.4%. Being a memecoin, DOGE relies a lot on social media hype.

Source: LunarCrush

Furthermore, Musk recently said that he might appear on Twitter space with the Doge community during Christmas. The news got the Doge community ecstatic, as Musk is one of the biggest DOGE proponents.

Regardless of DOGE’s failing performance, the token continued to be popular among crypto investors. A recent report by Coinswitch highlighted that Dogecoin was the third highest-held crypto among Indian investors, behind BTC and ETH.

At press time, DOGE was trading at $0.077969, down 7.8% in the last week, and down by 20.8% in the last 14 days. Moreover, the token is down by 89.3% from its all-time high of $0.731578, attained on May 8th, 2021.