Why Is Dogecoin Moving Higher Today?

Dogecoin DOGE/USD traded 3.37% higher over 24 hours early Thursday morning.

What’s Moving: DOGE has risen 5.96% over the last seven days.

DOGE spiked 2.32% against Bitcoin and fell 4.06% against Ethereum over 24 hours.

Since the year began, DOGE has shot up 4321.72% with the cryptocurrency rising 30.55% in the last 90 days alone.

The Shiba Inu-themed coin touched an all-time high of $0.74 in May and is traded 65.87% below that level at press time.

Why Is It Moving: DOGE moved alongside other major cryptocurrencies on Thursday as the global cryptocurrency market cap rose 3.55% to $2.62 trillion.

The meme coin did not see high interest on Twitter at press time. It was mentioned in 2,222 tweets. The most mentioned coins Bitcoin and Ethereum were mentioned in 16,957 and 6,452 tweets, respectively.

Analysts expect Bitcoin to rise further, with a study pointing to a possible rise to the $71,400 mark by the end of the year. The resulting euphoria has transcended to other altcoins such as Ethereum as well.

It should be noted that BTC’s latest rally is fueled by the launch of the ProShares Bitcoin Strategy ETF BITO.

Dogecoin continues to move higher alongside Ethereum and Bitcoin, as per Benzinga’s Tyler Bundy, who noted that if DOGE were to hold above the $0.45 level for a time, it may create a new high of its own.

Meanwhile, Dogecoin bull and Tesla Inc TSLA CEO Elon Musk posted a meme that teased Bitcoin at the $69,000 mark on Wednesday.

Market News and Data brought to you by Benzinga APIs