The popularity of Dogecoin as a transactional currency has risen significantly in recent months. According to BitPay, a prominent crypto payment processor, Dogecoin is now the fourth most popular cryptocurrency for transactions on the platform.
In June, Dogecoin accounted for 6% of transactions on BitPay, but by December, that figure had nearly doubled to 10%. This trend suggests that an increasing number of people are using this token as a means of exchange.
As can be seen from the list, the number of transactions for Bitcoin (BTC), which is currently ranked first, decreased from 53.3% to 41.81 during the same period. Ethereum (ETH), which had been ranked second in June, dropped to third in December and replaced Litecoin (LTC), accounting for 25.51% of transactions.
The token’s recent success can be partly attributed to Elon Musk’s tweets about the cryptocurrency. This attention has made DOGE one of the few cryptocurrencies that have generated returns for investors, even those who joined the market late.
Additionally, Last year, Elon Musk’s Boring company used BitPay to accept cryptocurrency payments for a collectible perfume known as “Burnt Hair.” It enabled customers to purchase the fragrance with a range of cryptocurrencies, including Dogecoin.
Recently, CoinSwitch, India’s largest cryptocurrency trading app with a user base of around 20 million, reported that Dogecoin was among the most popular assets held by its users in 2022.
Dogecoin (DOGE) Price Rises
Since this news was released, the data from CoinGecko shows that Dogecoin has experienced significant increases in value over the past 24 hours and the past week. The current price of token is $0.072313, with a 1.8% increase in the last 24 hours and a 1.84% increase in the previous seven days.
Despite the downward trend that has persisted throughout 2022, the token has recently broken out of a short-term bullish pattern and is trying to regain the $0.074 resistance level.
Dogecoin’s price was much higher in May 2021, reaching a record high of $0.73. However, by June 2022, the price had fallen by more than 90%. Even at its best price in the current year, the coin is still much lower than it was at its all-time high.
The token’s price increased significantly after billionaire Elon Musk bought Twitter in October. The token was worth $0.07203 on October 27th and $0.1572 on November 1st. However, its price has fluctuated since then.