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Dogecoin (DOGE) up 6% Amid Broader Market Slump, Here's Why

Tue, 01/31/2023 - 08:40
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Godfrey Benjamin
Twitter moving forward to integrate crypto payments, move that will favor Dogecoin
Dogecoin (DOGE) up 6% Amid Broader Market Slump, Here's Why
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It is a very bearish day in the broader digital currency ecosystem, with prices sliding in what appears as a coordinated and comprehensive sell-off. Despite the outlook, Dogecoin (DOGE) is seeing its price rejuvenation, and at the time of writing, it is up by 6.03% to $0.09384, according to data from CoinMarketCap.

The decoupling of Dogecoin from the general market appears as a highly induced one, seeing as it was one of the worst gainers, according to its weekly chart shown below.

Dogecoin-USD Chart
Image Source: CoinMarketCap

As a highly volatile cryptocurrency, Dogecoin is very sensitive to news, whether positive or negative. The current bullish run stems from the sentiment that the Elon Musk-owned social media platform, Twitter, is on track to move forward with its payment push. As previously implied, Elon Musk reiterated the plans to integrate digital currencies.

While the payment feature was teased some months ago when Musk was in the process of acquiring the microblogging site, sources at the Financial Times (FT) revealed that a small team, led by Esther Crawford, has been tasked with developing the product.

Elon Musk Responds to Dogecoin Co-Founder on Twitter, DOGE Price Suddenly Jumps 5%

The move aligns with Musk's vision to make Twitter a one-stop shop for communications and mobile money transfers.

How Dogecoin stands to benefit

Elon Musk is known as one of the biggest believers in digital currencies, and of the more than 22,000 cryptocurrencies around, his favorite coin is Dogecoin. Musk has integrated DOGE as a payment method for some of Tesla's products, a move that many believe will place the meme coin at the forefront of the crypto payments integration feature that is scheduled to launch on Twitter.

Should this happen, Dogecoin would receive a more defined utility that would drive its usage across the board. With this, investors are billed to stack up the coin, a trend that seems to have started with the coin's current price action.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.