Why Is Dogecoin Shooting Higher Today?

Why Is Dogecoin Shooting Higher Today?

Dogecoin DOGE/USD traded 14% higher over 24 hours at $0.3376 early Monday.

What’s Moving? DOGE has spiked 40.04% over a seven-day period at press time. 

Against major cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 8.39% and 8.66% higher, respectively.

DOGE’s 30-day returns stand at 91.1% while it has skyrocketed 5,798.26% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded higher in tandem with major cryptocurrencies on Sunday night.

The Shiba Inu-themed cryptocurrency breached the 30 cent mark on Sunday after Tesla Inc TSLA CEO Elon Musk agreed with “Shark Tank” host Mark Cuban on social media that DOGE is the strongest cryptocurrency as a medium of exchange.

The hashtag #DogeCoinTo1Dollar trended on Twitter on Sunday pushed by Youtuber Matt Wallace and others.

DOGE was the second most mentioned cryptocurrency on Twitter Inc’s TWTR platform behind BTC, as per Cointrendz.com.

Tim Draper-backed Unocoin Technologies' CEO Sathvik Vishwanath meanwhile said DOGE’s growth was due to “hype and trends” and those calling for the meme coin's moonshot have “no understanding of the market.”

See Also: Taliban Takeover Of Afghanistan Shows Need For Wider Adoption of Bitcoin, Other Cryptos, Say Backers

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