Why Is Dogecoin On The Rise Today

Why Is Dogecoin On The Rise Today

Dogecoin DOGE/USD traded 1.5% higher over 24 hours leading up to early Thursday morning.

What’s Moving: The meme cryptocurrency has fallen 3.45% over a seven-day trailing period. Over 24 hours, DOGE trading volume declined 10.5%.

Against larger cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), DOGE traded 2.6% and 3% lower respectively over 24 hours.

Over the last 30 days, DOGE has fallen 20.6%, while over a 90-day period it fell 21.6%. 

Since the beginning of the year, DOGE has soared 2980%. It touched an all-time high of $0.74 in May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE, along with rival token Shiba Inu (SHIB), traded higher even as major coins flashed red. The global cryptocurrency market cap decreased 0.3% to $2.29 trillion at press time.

DOGE attracted relatively low mentions on Twitter at press time, according to Cointrendz data.

The joke cryptocurrency was mentioned in 2,185 tweets, while the three most mentioned coins BTC, SHIB, and ETH attracted 7,850, 5,981, and 3,611 tweets, respectively. 

Major coins consolidated ahead of the coming holidays but unspent Bitcoin miner supply suggests that a “breakout could be imminent,” according to Edward Moya, a senior OANDA analyst. 

On Wednesday, Dogecoin co-creator Billy Markus shared a diagram that illustrated “counterproductive tendencies” among some DOGE community members.

Read Next: Shiba Inu (SHIB) To $1? Why The Dog-Themed Coin is Buzzing Today

Posted In: dogecoinMeme CoinsCryptocurrencyNewsMarketsMoversTrading Ideas