• Dogecoin (DOGE) is trading at $0.08139 today after hitting a high of $0.09617 earlier in the year.
• Factors influencing the price include Elon Musk’s vocal support for DOGE and the Robinhood drama surrounding its large holdings of the crypto currency.
• Despite these price fluctuations, the network has enjoyed wider adoption and exposure this year.
Dogecoin Price Overview
Dogecoin is trading at $0.08139 today, down by 3.28% in 24 hours. The meme coin saw an explosive start to the year with a closing price of $0.1016 on December 1, 2022 before hitting a high of $0.09617 on January 31, 2023 and then returning to $0.08955 on February 6th before settling at its current level of $0.08237 on February 11th, 2023.
Factors Influencing Dogecoin Price
Dogecoin has seen immense support from Business mogul Elon Musk, as well as other activities that might be influencing its price such as his tease about bringing crypto payments to Twitter and Robinhood’s large holdings of Dogecoin tokens for its customers which accounts for more than 25% of the circulating supply value worth over 2 billion USD according to Doge Whale Alerts data..
Elon Musk Supports DOGE
Business mogul Elon Musk has been vocal about his support for DOGE, a sentiment that helps to boost its price sometimes including his recent tweet which pushed Dogecoin’s price up to $0.09617 on January 31st before it returned to $0.08955 on February 6th as well as Twitter’s development engineers working on creating design plans for supporting crypto payments in the future which could further push up prices if implemented successfully in the future..
Robinhood is currently holding more than $2.8 billion worth of Dogecoin tokens accounting for 25% of total circulating supply according to Doge Whale Alerts data however Vlad Tenev CEO of Robinhood stated that they do not plan or advocate holding cryptocurrency assets long-term which caused some pullback within markets leading towards current prices we are seeing now..
Adoption & Exposure
Despite these fluctuations in pricing we have seen wider adoption and exposure this year with many users taking advantage of both DeFi projects such as Aave moving funds into DOGE with higher yield rewards when compared against other major coins such as BTC/ETH along with increased media coverage fueling interest into this popular meme coin..