Why Is Dogecoin Moving Higher Today?

Dogecoin DOGE/USD traded 2.19% higher at $0.24 over 24 hours leading up to the early hours of Wednesday.

What’s Moving? The meme cryptocurrency has fallen 1.56% so far over the last seven days.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE fell 1.64% and 0.68% respectively. 

Since the year began, DOGE has shot up 4134.14% hitting an all-time high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE moved in tandem with major coins on Wednesday as the global cryptocurrency market cap rose 3.05% to $2.12 trillion.

DOGE did not attract many mentions on Twitter at press time. The cryptocurrency was mentioned in 1,205 tweets, while the highest mentioned cryptocurrency was BTC. The apex coin was mentioned in 5,945 tweets, as per Cointrendz data.

On Tuesday, Marcus Sotiriou, a sales trader at the United Kingdom-based digital asset broker GlobalBlock, noted that the fear and greed index turned to fear levels, which could be due to increased regulatory concerns.

The New York Attorney General secured a court order to shutter cryptocurrency exchange Coinseed Inc and pay $3 million in fines, as per a report on Tuesday.

Among other charges leveled by authorities, Coinseed allegedly converted its customers’ funds into DOGE without their consent.

Meanwhile, Dogecoin has seen a sharp increase in adoption and can now be spent at 1,672 merchants, which is 39% higher than the beginning of the year, as per CryptWerk data.

Read Next: If You Invested $1,000 In Bitcoin When MicroStrategy First Bought It, Here's How Much You Would Have Now

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