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Why Is Dogecoin Reversing Course Today?

September 1, 2021 4:24 am
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Why Is Dogecoin Reversing Course Today?

Dogecoin (CRYPTO: DOGE) traded 2.41% higher at $0.28 in the early hours of Wednesday.

What’s Moving? The Shiba Inu-themed coin is down 5.48% over a seven-day trailing period.
See Also: How To Buy Dogecoin (DOGE)

Doge gained 1.73% against the apex cryptocurrency Bitcoin (CRYPTO: BTC) over 24 hours. The meme coin declined 6.03% against Ethereum (CRYPTO: ETH) in the same period.

In the last 30 days, DOGE has gained 33.64% and the cryptocurrency has shot up 4,796.07% since the year began.

DOGE hit an all-time high of $0.74 in early May and traded 62.15% lower at press time from those levels.

Why Is It Moving? DOGE moved in line with major cryptocurrencies on Wednesday as the global cryptocurrency market cap rose 3.04% to $2.12 trillion.

See Also: Is Now The Time To Buy Into Cardano (ADA)?

At press time, the meme coin was among the 10 most mentioned cryptocurrencies on Twitter, as per Cointrendz data.

No.3 ranked WTA professional tennis player Naomi Osaka said Tuesday that a continuous stream of conversations centered around Dogecoin, especially on her Twitter feed, led to her interest in cryptocurrencies and to her eventual foray into non fungible tokens or NFTs.

Meanwhile, the classic and original picture of Kobasu, which featured in a 2013 Dogecoin meme is set to go into fractionalized ownership on Wednesday.

PleasrDAO, the owner of the NFT, will divide the digital artwork into billions of $DOG ERC-20 tokens that would be auctioned to the public.

Meanwhile, market analyst and president of market research firm The Mercator, Gianni Di Poce, said at the Benzinga Crypto Trading Festival that he "wouldn't be surprised to see DOGE at over a buck a coin."

Di Poce’s one dollar prediction is based on DOGE recently breaking a three-year mostly horizontal drift, breaking resistance, and thereafter touching all-time highs.

Read Next: ​​Scaramucci Still Sees Bitcoin Going To $100,000 By Year-End

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