Why Is Dogecoin Outperforming The Wider Crypto Market Today?

Dogecoin DOGE/USD traded 0.3% higher at $0.21 over 24 hours early Wednesday morning.

What’s Moving: The meme cryptocurrency has fallen 12.82% over a seven-day trailing period.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 1.76% and 4.6% higher respectively over 24 hours.

So far this year, DOGE has risen 3589.92%, reaching an all-time high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? DOGE broke away from major coins like BTC and ETH which traded in the red at press time as the global cryptocurrency market cap fell 2.38% to $1.86 trillion.

On Wednesday, DOGE did not attract high interest on Twitter as it was mentioned in 162 tweets, as per Cointrendz data.

BTC was the most-mentioned cryptocurrency with 1,140 mentions followed by Velas VLX/USD at 658 tweets.

Dogecoin is showing strength against BTC after being negatively affected by its relation to BTC and the general markets, as per Benzinga’s Melanie Schaffer.

Schaffer wrote Tuesday that a reversal could be in the cards for the Shiba Inu-themed coin as BTC held up stronger than BTC.

On the BTC side, Katie Stockton, managing director of Fairleads Strategies said that “long-term uptrend still has a hold on bitcoin, with our monthly indicators pointing higher, putting short-term volatility into a bullish context,” reported CoinDesk.

Meanwhile, AMC Entertainment Holdings, Inc AMC CEO Adam Aaron ran a Twitter poll on Tuesday asking his followers if AMC should explore accepting DOGE.

At press time, the poll had attracted 109,361 votes with 70.2% voting in favor of adoption, 8.4% saying yes but admitting they would not use DOGE. 6.7% said it was not important, while 14.8% said it was a “waste of effort.”

Aaron had earlier confirmed that AMC will begin to accept ETH, Litecoin LTC/USD, and Bitcoin Cash BCH/USD along with the apex cryptocurrency.

Market News and Data brought to you by Benzinga APIs