Why Is Dogecoin On The Rise Today?

Dogecoin DOGE/USD rose 7.66% over 24 hours to $0.18 early Tuesday morning.

What’s Moving? The meme cryptocurrency has fallen 17.22% over a seven-day trailing period.

DOGE rose 1.76% and 1.35% against Bitcoin and Ethereum respectively over 24 hours.

The cryptocurrency has risen 3060.15% since the year began. DOGE fell 31.06% over a 30-day period and 27.38% over 90 days.

In May, DOGE touched an all-time high of $0.74. At press time, it traded 75.66% below that level.

Why Is It Moving? DOGE moved higher in tandem with other major coins Tuesday morning as the global cryptocurrency market cap increased 6.43% to $2.38 trillion.

DOGE was not highly mentioned on Twitter at press time. It attracted 1,852 tweets, as per Cointrendz data.

Bitcoin and Ethereum were the top mentioned coins on the social network. They attracted 10,040 and 7,251 tweets, respectively.

The “Flash Crash” that affected Bitcoin was attributed to the “collapse in market microstructure,” by Delphi Digital. Craig Erlam, a senior analyst at OANDA, said the apex coin remains “vulnerable.” Bad news on the Omicron variant of COVID-19 could put BTC
“under pressure,” as per Erlam.

A key metric indicates that DOGE may have entered oversold territory and it could be construed as a buying signal by technical traders, wrote Benzinga’s Melanie Schaffer.

On Monday, DOGE co-creator Billy Markus said 2021 was the second strangest year of his life only eclipsed by 2013 — the year DOGE was created. He wished the cryptocurrency a happy birthday.

Read Next: Happy Birthday, Dogecoin: How This 8-Year Old Joke Grew Up To Become A $22B Asset