Why Is Dogecoin Going Up Today?

Dogecoin DOGE/USD traded 2.2% higher at $0.17 over 24 hours leading up to early Tuesday morning.

What’s Moving? The meme cryptocurrency traded 8.5% higher over a seven-day trailing period. Over 24 hours, DOGE trading volume rose 46.4%, according to CoinMarketCap data.

DOGE rose 0.2% and 0.4% higher against Bitcoin and Ethereum respectively over 24 hours.

Since the year began, DOGE has gained 2897%. Over the last 30 days, DOGE has fallen 26.7% and it has declined 17.9% over a 90-day period.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE rose in tandem with other major coins. The global cryptocurrency market cap fell 2.06% to $2.2 trillion at press time.

DOGE was among the most mentioned coins on Twitter. It attracted 1,858 tweets at press time.

The three most mentioned coins were Bitcoin, Ethereum, and Shiba Inu. They attracted 9,809, 4,304, 3312 tweets, respectively. 

The supply of the stablecoin Tether has reached up to a 1-year high on exchanges; this is an indication that investors are risk-averse and have sold into stable assets, according to Delphi Digital, an independent research firm.

On Monday, DOGE retested the $0.161 level where it was met with dip buyers and printed a bullish hammer candlestick pattern, according to Benzinga’s Melanie Schaffer.

On Monday, Dogecoin co-creator Billy Markus shared an animated map on Twitter that showed the Google trending dominance of the meme coin during May. Notably, the coin had touched an all-time high of $0.74 in that month.

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