Dogecoin experiencing a 5 percent bounce after months of decline

23.12.2022

As Dogecoin has jumped 5% in the past 24 hours, its holders have another reason to celebrate this holiday season.

DOGE now trades at just over $0.07 and has a market capitalization of $10.7 billion, making it the eighth largest cryptocurrency on the market. Cardano (ADA) and Decrypt’s project of the year, Polygon (MATIC), are in ninth and tenth place, respectively.

The slight rise comes on the back of a new exchange listing for Dogecoin; yesterday Bitstamp announced that it would list the meme coin against U.S. dollars and euros.

Today’s move, however, comes after a brutal month-long decline in Dogecoin, according to CoinGecko. DOGE traded at around $0.08 on Nov. 23 and rose to $0.10 on Dec. 5. Since then, however, it has been slowly and steadily falling.

The main reason for Dogecoin’s fall was that Elon Musk, a well-known Dogecoin supporter and Twitter CEO, conducted a poll among his followers about whether he should step down from his position at the social media giant.