Once A Meme Dogecoin Now The Fourth Biggest Altcoin on the crypto market in the early 2023.
The sheer number of altcoins on the crypto market is crazy and growing all the time. So naturally, coins that reach the top list of traded coins, in any particular ecosystem, can be a clear indicator for certain things—more on that in a moment.
But there are not many out there who could have foreseen that Dogecoin—the meme altcoin that was started as a joke to make fun of Bitcoin and that was infamously endorsed by the world’s former “richest man alive” Elon Musk— could crack the top four in any ecosystem.
Well, that is exactly what has happened ?.
Dogecoin enthusiast @Tdogewhisperer has posted a screenshot from BitPay, revealing that Dogecoin has become the fourth most frequently used cryptocurrency by clients of the biggest crypto payments processor.
DOGE comes as number 4 most popular altcoin after Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). Other popular coins, such as XRP, LTC and others, come lower. The SHIB meme token, the second biggest by market cap after Dogecoin, closes this BitPay list.
It’s worth noting that, in the past few months, Elon Musk has heavily promoted the BitPay platform for selling his collectible perfume called “Burnt Hair” produced by The Boring Company that he runs.
BitPay gave an option for a coin payment – starting with the Memefied Dogecoin and Shiba Inu meme tokens – that has grown so much recently. The rate of its growth from a few years ago is in the thousands.
Does this kind of uptick for Dogecoin mean anything significant for the crypto market, by and large? The experts are not exactly sure. But does it mean good news for Crypto in terms of price increase? Is it good news for competition among coins and exchanges?
According to many Crypto experts, it does.