Dogecoin has made the most of its bullish momentum that was inspired by Elon Musk’s highly publicized $44 billion purchase of Twitter.

Not only did that development pump DOGE price in such a way that its total market capitalization surpassed Cardano’s, allowing it to take the 8th spot in Coingecko’s crypto tracking list.

It also stirred great interest for the crypto asset as evidenced by 340,500 addresses purchasing a total of 63.72 billion DOGE tokens worth $5.86 billion.

The collective and massive buy was made with a minimum price of $0.069076 and a maximum price of $0.126317, as revealed by digital asset analytics platform IntoTheBlock.

Moreover, this buyer activity has given Dogecoin a strong support zone which it might visit soon as the altcoin seems to be losing steam, being on a decline over the last few days.

According to tracking from Coingecko, DOGE is changing hands at $0.120710 and has been down by 9% for the last 24 hours.

Across its charts, the digital coin’s biweekly tally (102.7%) is the only one that is above 100%. Dogecoin was still up by more than 80% for the past seven days yesterday. That gain, however, has plummeted to just 56.3% at the time of this writing. 

Still, even with this price correction phase, the dog-themed cryptocurrency is still up by an impressive 82.4% over the last 30 days. It remains to be the largest gainer among all crypto assets in that particular category, outperforming even Bitcoin (0.5%) and Ethereum (14.7%).

Moreover, even with lowered spot trading price, Dogecoin remains the 8th largest crypto in terms of market cap, having an overall valuation of $16.18 billion.

Amid speculations that Dogecoin might soon be accepted by the now Elon Musk-owned Twitter as payment for some of its features and services, the asset witnessed tremendous buying pressure.

This didn’t impress investors that are part of CoinMarketCap community as they predicted a further price dump for the 2013-launched meme crypto.

They said the altcoin will end November with a median price of $0.08452 and will exit December 2022 with a lower average value of $0.07847.

Coincodex, one of the leading crypto asset trackers, also has bearish forecasts for the meme coin as it sees the digital currency trading at $0.117440 five days from now.

Meanwhile, the 30-day trajectory of the asset is worse as it is seen to drop even further to change hands at $0.086373.

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