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DOGE adds $1 billion to market cap in a day as price rockets toward $0.08

DOGE adds $1 billion to market cap in a day as price rockets toward $0.80

On Friday, July 21, the world’s largest meme coin, Dogecoin (DOGE), witnessed an astonishing price pump that captured the attention of the crypto world. 

Notably, DOGE saw its price soar by more than 10% on the day, propelling it to $0.076 at the time of publication as it blasted through $0.07 resistance and heads towards the $0.08 psychological level.

DOGE 1-day price chart. Source: CoinMarketCap

As a result of this bullish move, the meme coin added around $1 billion in market cap, surging from $9.67 billion to $10.66 billion.

DOGE 1-day market cap change. Source: CoinMarketCap

Following the impressive rally, DOGE joined the top 10 best-performing cryptocurrencies on daily charts. Specifically, the meme coin is currently ranked sixth, just behind Chainlink (LINK), Maker (MKR), XDC Network (XDC), Synthetix (SNX), and Stellar (XLM) as well as climbing above Solana (SOL) to become the eighth largest asset by market worth.

Best performing cryptocurrencies on daily charts on July 21. Source: CoinMarketCap

Why is DOGE pumping?

While it is unclear what’s the specific reason behind the latest DOGE rally, some in the crypto community associate it with the recent rumors about the cryptocurrency’s presence in the payment page source code on Tesla’s (NASDAQ: TSLA) website.

However, it appears that the electric vehicle (EV) giant did not remove the code when it previously removed the option that allowed Tesla buyers to make Bitcoin (BTC) payments.

In the latest development, Wu said in a July 21 tweet that Tesla later removed ‘bitcoin from the source code, but not Dogecoin.

“At present, Tesla has deleted “bitcoin” in the source code of its payment page, but still retains “dogecoin”.

– said prominent Chinese crypto reporter Colin Wu.

The move likely sparked speculation among Dogecoin enthusiasts and investors, leading to a notable pump in the world’s favorite meme coin, a price breakout foreseen earlier in the week as Finbold reported.

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