Dogecoin briefly became the 8th largest crypto – Tesla (NASDAQ: TSLA)

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DogecoinDOGE/USD favored Elon Musks rallied, briefly claiming the position of the world’s eighth largest cryptocurrency, before experiencing an unexpected turn.

What happened: On Friday, Dogecoin, the meme-inspired digital currency, saw its value increase by more than 10% in a single day, reaching an impressive $0.076 per coin.

This bullish movement allowed Dogecoin to add approximately $1 billion in market capitalization, increasing its total value from $9.67 billion to $10.66 billion, elevating it to the eighth largest cryptocurrency in the market.

This significant ascent propelled competitor SolanaSOL/USD to ninth place.

See also: If you invested $100 in Dogecoin (DOGE) on the day of Elon Musks’ pyramid scheme trial, here’s how much you would have now

However, this run was short-lived. After reaching its peak, the price of Dogecoin began to decline, falling to $0.072 with a market capitalization of $10.14 billion, dropping it back to the ninth position.

Solana regained its former rank, landing at the eighth position, with a price of $25.64 and a market cap of $10.37 billion at the time of writing.

Why it matters: The recent surge in the price of Dogecoins remains unclear as to its exact cause, but some members of the crypto community are speculating that it may be related to rumors surrounding the currencies’ potential inclusion in the source code of the Tesla Inc.sTSLA payment page.

Notably, Tesla previously accepted BitcoinBTC/USD as a payment option in 2021, but then discontinued it and removed it from the source code of payment pages.

However, it appears that the electric vehicle giant did not remove the code even when it removed the option for Tesla customers to make payments using Bitcoin.

Read more: DOGE lover Elon Musk keeps Teslas Bitcoin position unchanged in Q2: Is the EV giants crypto craze fading?

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Photo by Dennis Diatel on Shutterstock

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