Elon Musk's Favored Dogecoin Briefly Became 8th-Largest Crypto, But Then This Happened

Elon Musk’s favored Dogecoin DOGE/USD experienced a rise, briefly claiming the position of the world’s eighth-largest cryptocurrency, before encountering an unexpected turn.

What Happened: On Friday, Dogecoin, the meme-inspired digital currency, saw its value rise by more than 10% in a single day, reaching an impressive $0.076 per coin. 

This bullish move resulted in Dogecoin adding approximately $1 billion in market capitalization, pushing its total value from $9.67 billion to $10.66 billion, elevating it to the position of the eighth-largest cryptocurrency in the market. 

This significant ascent pushed Solana SOL/USD, a competitor, to the ninth spot.

See Also: If You Invested $100 In Dogecoin (DOGE) On The Day Of Elon Musk’s Pyramid Scheme Lawsuit, Here’s How Much You’d Have Now

However, this run was short-lived. After reaching its peak, the Dogecoin price began to dwindle, falling to $0.072 with a market cap of $10.14 billion, causing it to slip back to the ninth position. 

Solana regained its former rank, landing at the eighth position, with a price of $25.64 and a market cap of $10.37 billion at the time of writing. 

Why It’s Important: The recent surge in Dogecoin’s price remains uncertain in terms of its exact cause, but some in the crypto community speculate that it might be linked to rumors surrounding the currency’s potential inclusion in Tesla Inc.’s TSLA payment page source code. 

Notably, Tesla had previously accepted Bitcoin BTC/USD as a payment option in 2021 but later discontinued it and removed it from the payment page’s source code. 

Although, it seems that the electric vehicle giant did not delete the code even when it had removed the option enabling Tesla customers to make payments using Bitcoin.

Read Next: DOGE Lover Elon Musk Keeps Tesla’s Bitcoin Position Unchanged In Q2: Is EV Giant’s Crypto Craze Fading?

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Photo by Dennis Diatel on Shutterstock