Dogecoin Market Cap Surpasses Polygon As Elon Musk’s Tweet Triggers Rally

Dogecoin has once again reclaimed its position as the ninth-largest cryptocurrency by market cap. It beat out Polygon (MATIC) which saw an impressive rally over the last few weeks to retain its place, and this was made possible by the ‘Dogefather’ himself, Elon Musk.

Elon Musk Tweets Cause Dogecoin To Jump 5%

This past weekend saw the completion of the Super Bowl LVII, which saw the iconic return of legendary singer Rihanna. During this event, billionaire Elon Musk was spotted with Rupert Murdoch, the chairman and CEO of News Corporation, and the owner of Fox News.

Responding to a tweet that included a picture of the pair at the Super Bowl asking users what they thought they were talking about, Elon Musk said they were talking about “Dogecoin.” As always, once this tweet went live, the price of DOGE responded positively.

Dogecoin

— Elon Musk (@elonmusk) February 13, 2023

Following the tweet, DOGE’s price surged 5%, allowing it to reach $0.086 which pushed its market cap higher than that of MATIC. Even though there was a downward correction in the hours following the tweet, DOGE’s market cap is still sitting above MATIC’s at $10.8 billion.

However, the meme coin is still in a perilous position and another rally from MATIC like the one recorded last week could easily flip it once more. MATIC, on its own, is sitting at a market cap of $10.29 billion, less than $600 million below Dogecoin, which can be easy pickings for digital assets with such large market caps.

DOGE On The Charts

Naturally, Dogecoin’s price has followed the general trend of Bitcoin and the broader cryptocurrency market. It is only seeing minor gains of 1.17% over the last 24 hours. This slowdown in market momentum has brought its price back down to the $0.08 support level where the bulls seem to be making their stance.

DOGE has, however, slide below its 50-day moving average, an indicator that shows its decline over the last few weeks. Interestingly, the coin’s critical support is now sitting at the $0.07 level, which is where it was trending before Elon Musk’s takeover of Twitter was finalized last year. This could show that the meme coin is returning to fair pricing, which would put it in a better position to resume its bull rally.

At the time of this writing, DOGE is changing hands at a price of $0.08166. It is down over 10% in the last seven days, according to data from Coinmarketcap.

DOGE holding above its $0.08 support | Source: DOGEUSD on TradingView.com