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Following the crypto market sell-off that has been sustained in the past two months, the Doge price is down approximately 88.4 percent from its ATH.
The Dogecoin community has received good news from Tesla Inc (NASDAQ: TSLA) CEO Elon Musk. According to a tweet posted last Friday, Tesla merchandise can now be bought with Dogecoin. Additionally, the popular billionaire also referred to as Dogefather, noted that ‘maybe one day’ Doge will be used to pay for Starlink subscriptions.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
Following the announcement, the Doge price recorded a short-lived spike on Friday, according to TradingView. The meme coin is gaining traction through real-world utility away from just being a meme coin.
Dogecoin and Tesla CEO
Dogecoin has made a lot of headlines in the past, most of them fueled by Musk. In fact, the billionaire once said that he has invested in Bitcoin, Ethereum, and Doge. Worth noting, that Musk has over 95 million followers on Twitter alone.
Consequently, Dogecoin has gained huge growth thanks to Musk’s endorsement. According to on-chain data provided by Dogecoin explorer, Doge has 4,858,457 holders as of today.
To put the figure into a different perspective, Bitcoin and Litecoin have 44.6M and 6.1M holders respectively.
Notably, while Litecoin forked from Bitcoin, Dogecoin forked from the former. Thereby indicating the sheer scale factor of Musk’s investment in the meme coin.
The coin is trading around $0.086412, having gained approximately 5 percent in the past few hours leading to the publication of this article. According to market data provided by CoinGecko, Dogecoin has a crypto market dominance of 0.85 percent. Thereby reciprocating to a market capitalization of $11,319,949,824.
Following the crypto market sell-off that has been sustained in the past two months, the Doge price is down approximately 88.4 percent from its ATH. Worth noting, that Dogecoin hit its ATL at around $0.73 during the last bull market.
Nonetheless, the meme cryptocurrency is up approximately 97767.4 percent from the ATL.
Despite the criticisms facing by the Dogecoin ecosystem, the network has grown to top blockchains in the market. Notably, Dogecoin has an infinite supply, thereby making it like the fiat currencies around the world. Whereas the original concept of crypto was to counter the failures of the Fiat industry.
Nevertheless, the Doge ecosystem is likely to implement measures, perhaps, similar to ETH to make it sound money. Remember, even though ETH has an infinite supply, the rate of burning is expected to exceed that of creation after the Merge event.
Meanwhile, Dogecoin remains a heavily speculative instrument with high market volatility. As with most digital assets, future price predictions have attracted both retail and institutional investors.