Why Is Dogecoin Trading Higher Today?

Dogecoin DOGE/USD traded 1.1% higher over 24 hours to $0.17 early Wednesday morning.

What’s Moving? The meme cryptocurrency has fallen nearly 4% over a seven-day trailing period. DOGE trading volume fell 36% over 24 hours.

DOGE traded 1.85% and 0.4% lower against Bitcoin and Ethereum respectively over 24 hours.

Over the last 30 days, DOGE has fallen 22.75%, while over a 90-day period it has lost 23.2% of its value.

Since the year began, DOGE has risen 2926.5%. It touched an all-time high of $0.74 in May.

Why Is It Moving? DOGE traded higher in tandem with other major coins at press time as the global cryptocurrency market cap rose 4.5% higher to $2.3 trillion.

The meme coin was among the top 10 mentions on Twitter, as per Cointrendz data. It attracted 2,470 tweets at press time.

The three most mentioned coins at press time were Bitcoin, Shiba Inu, and Ethereum. They attracted 9,238, 7,738, and 4,123 tweets, respectively.

Dogecoin along with major cryptocurrencies were buoyant on Tuesday night as investors regained appetite for risk assets. However, Edward Moya, a senior analyst with OANDA had a word of caution.

“Trading conditions are nowhere near full participation, so unless further catalysts appear, Bitcoin should still remain rangebound,” the analyst said.

Meanwhile, Dogecoin co-creator Billy Markus said in an interview with CoinDesk Tuesday that “Dogecoin is Bitcoin with a dog on it.”

“The value of Bitcoin and the value of any of this stuff comes from people buying it at whatever price at whatever particular time they decide to buy it,” Markus said, reiterating his stance from earlier.

Markus also noted in the interview that Bitcoin has morphed more towards being a “store of value” whereas DOGE can fit a niche “that’s needed, which is a cryptocurrency that is both “lighter-hearted and fun and inexpensive to move around.”

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