Elon Musk’s Favorite Dogecoin Leaves This Bitcoin Exchange Behind!

USA’s largest cryptocurrency stock market coinbasepopular meme token by market cap Dogecoin (DOGE) lagged behind market value.

Coinbase’s stake COINWith the sharp declines it experienced during the year, it fell by about 90% and was last traded at $ 35.

Among the leading crypto exchanges, Coinbase currently has a market cap of just $8 billion, while the popular meme token DOGE has a market cap of nearly $1 billion more than Coinbase.

It was created as a joke in 2013 as it is. dogecoin‘s market value exceeded 9 billion dollars and approached 10 billion dollars.

This indicates that Coinbase is facing the double impact of a volatile US stock market and the cryptocurrency market.

As such coinbaseis among those most affected by the bankruptcies and crypto winter in 2022. Because the stock market laid off more than 18% of the workforce, about 1,200 people.

Commenting on the drop in Coinbase, Michael Safai, partner at crypto trading firm Dexterity Capital, said:

“Coinbase is tied to the fate of the broader cryptocurrency markets.

Dogecoin has no real connection to macro. DOGE is instead driven mainly by headlines and hype. But retail investors seem hungry for one last pop.”

Also DOGE Tesla CEO Elon MuskIt also appears as a crypto currency supported by .

Elon Musk’s take on Twitter and DOGEIf the possibility of accepting ‘ as a payment method on Twitter is considered together, this situation dogecoin It will definitely be a support for an uptrend.

twitter DOGE consolidation could help increase the price and also bring new benefits to the meme token.

DOGE continues to be traded at $0.7474 at the time of writing.

*Not Investment Advice.