Dogecoin (DOGE) was trading at around the 13 cent mark at press time on Wednesday night after a day of frothy price movements.
What Happened: The joke cryptocurrency traded 26.52% higher at $0.128 over a 24-hour period. DOGE has risen 117.87% so far this week.
Related Reading: How to Buy Dogecoin (DOGE)
The Shiba Inu-themed coin has settled below the $0.1425 all-time high it touched on Wednesday.
Ethereum (ETH) continues to find momentum, hitting a new all-time high on Wednesday of $2,453.33. ETH traded 5.46% higher at $2,424.92 at press time.
It is noteworthy that the Ethereum blockchain is in the process of an upgrade that will address high transaction costs on the network.
Bitcoin (BTC), the apex cryptocurrency by market cap, is trading muted following the public of Coinbase Global Inc. COIN, after having touched $64,863.10, a never-before-seen level. BTC traded 0.74% lower at $62,855.12 at press time.
Why It Matters: Dogecoin was buoyed by social media support as the coin emerged as a top trend on Twitter and Stocktwits on Wednesday.
Celebrities who made references to DOGE on social media on Wednesday included Mavericks owner Mark Cuban, Musician Ben Yang, and Restaurateur Guy Fieri.
Tesla Inc TSLA CEO Elon Musk, who frequently tweets about DOGE, also joined the social media action by tweeting a meme referencing the spike in the cryptocurrency.
— Elon Musk (@elonmusk) April 14, 2021
However, Musk’s tweets do not seem to have a marked effect on the price of DOGE this time. In previous instances, a single tweet by Musk has sent DOGE shooting upwards by 20.5%.
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