dogecoin (DOGE), the original memecoin, witnessed a 5.4% gain on the 24-hour charts. The popular dog-themed cryptocurrency has slumped in recent weeks. Before peaking at $0.10 on Dec. 5, DOGE was trading at around $0.08 on Nov. 23. However, it is undergoing correction at the time of writing.
Moreover, Elon Musk announced that he will resign as CEO of Twitter had additional effects on Dogecoin. Many feared that the plan to incorporate DOGE into Twitter was off the table with Musk’s departure. However, there is no official word on this front.
Why is Dogecoin accumulating?
DOGE’s latest gain of 5.4% comes just after a new IPO. Yesterday, the popular crypto exchange Bitstamp announced that it had listed the popular memecoin. New listings usually mean more investors can access the token. The rally could be in response to Bitstamp’s inclusion of DOGE.
DOGE’s rally also coincides with the token’s social engagement, witnessed by a slight spike. According to the data on LunarCrush, Dogecoin’s social engagement increased by 3.8%, while social mentions increased by 0.4%. Being a memecoin, DOGE relies a lot on social media hype.
Moreover, Musk recently said he could appear in Twitter space with the Doge community over Christmas. The news sent the Doge community into ecstasy, as Musk is one of the biggest DOGE advocates.
Regardless of DOGE’s failing performance, the token remained popular among crypto investors. A recent report by Coinswitch highlighted that Dogecoin was the third highest ranking crypto among Indian investors after BTC and ETH.
At the time of writing, DOGE was trading at $0.077969, down 7.8% over the past week and down 20.8% over the past 14 days. Additionally, the token is down 89.3% from its all-time high of $0.731578, set on May 8, 2021.