Dogecoin DOGE/USD shot up 12.6% to $0.17 over 24 hours leading up to early Thursday morning.
What’s Moving? The meme cryptocurrency has risen 9.6% over a seven-day trailing period.
Against larger cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 9.9% and 8.8% higher, respectively, over 24 hours.
DOGE has risen 7.8% over a 30-day window, while it has fallen 26.45% in the last 90 days.
Since 2022 began, DOGE has declined 0.44%. It touched an all-time high of $0.74 in May 2021.
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? DOGE’s rise came in tandem with other major coins as the global cryptocurrency market cap rose 3.1% to $2.1 trillion at press time.
DOGE was included in the “Top 10 Mentions” on Twitter list compiled by Cointrendz. At press time, the cryptocurrency attracted 3,076 tweets.
The three most discussed coins on the list were Bitcoin, Ethereum, and Solana. They attracted 11,327, 4,673, and 4,231 tweets, respectively.
Consumer Price Inflation numbers released Wednesday by the Labor Department indicate that the growth of inflation touched a record high of 7%, the fastest since 1982. In parallel, the dollar index tumbled on the same day. The fall of the greenback was attributed to a “sell the news” event by OANDA Senior Analyst Edward Moya, who said it was positive for the apex cryptocurrency.
Pseudonymous-analyst Kaleo tweeted Wednesday that assuming DOGE does not retrace current levels, the next point of resistance for the coin is 24 cents.
Kaleo also called out DOGE-bull and Tesla Inc TSLA CEO Elon Musk and said if the entrepreneur still believed in memes “it’s time.”
Meanwhile, DOGE co-creator Billy Markus is nearing the one million Twitter follower mark. Markus tweeted a screenshot on Wednesday which showed he was following 420 accounts, while he was followed by 996.9 K followers.
While 420 is associated with cannabis culture, 69 has sexual connotations. Musk's tweets at times contain references to both.
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