The Undeniable Musk Effect Makes DOGE 4th Most Popular Cryptocurrency on BitPay
DOGE has lost 58% of its value in the last year, with a price of $0.077 as of January 10.
Meanwhile, reports emerge that Dogecoin is again on track to provide double-digit profits to holders.
On January 07, BitPay announced that DOGE is the fourth most popular cryptocurrency in terms of usage on the platform.
As time passes, it becomes clear that Dogecoin will live and die with the self-proclaimed "Dogefather," Elon Musk.
Dogecoin (DOGE) was once one of the most popular crypto projects on the market. But suddenly everything came crumbling down. DOGE has lost 58% of its value in the last year, with a price of $0.077 as of January 10.
Meanwhile, reports emerge that Dogecoin is again on track to provide double-digit profits to holders. On January 07, BitPay announced that DOGE is the fourth most popular cryptocurrency in terms of usage on the platform.
BitPay is a bitcoin payment service provider based in Atlanta (USA). The platform was founded in 2011 by Tony Gallippi and Stephen Pair. The platform offers Bitcoin and Bitcoin Cash payment processing services for merchants.
As per data from BitPay, DOGE is currently the fourth most popular cryptocurrency utilized for transactions. Dogecoin has seen an increase in utility and adoption, with DOGE accounting for 6.17% of all BitPay transactions.
Why BitPay users are fond of DOGE
DOGE is the fourth most popular coin, after Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). Other popular coins, such as XRP, LTC, and others, are less popular. The SHIB meme coin, the second largest by market cap after Dogecoin, brings this BitPay list to an end.
As per reports, DOGE garnered significant popularity because of Musk's verbal support. Last year, Elon Musk used BitPay to sell his collectible perfume "Burnt Hair." The perfume is manufactured by The Boring Company, which Musk runs. BitPay accepted cryptocurrency payments for that perfume, including Dogecoin and Shiba Inu meme tokens.
Why is Dogecoin still among the more popular crypto assets
As time passes, it becomes clear that Dogecoin will live and die with the self-proclaimed "Dogefather," Elon Musk. The token is influenced significantly when Musk makes statements regarding the token’s development.
For example, the Tesla CEO completed his controversial acquisition of the social media platform Twitter in October 2022. After the acquisition, DOGE's price increased significantly, from $0.0720 on October 27 to $0.1572 on November 1.
Furthermore, several companies have recently accepted the token as a means of payment. This drives the token's popularity to surge even further.
What do you think, will DOGE continue its bull run in 2023 or will it fall soon? Please share your valuable thoughts in the comment section below.
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