Why Dogecoin Is Up 20%

Meme cryptocurrency Dogecoin DOGE/USD is seeing major upwards movement in line with a rise in Bitcoin and as Tesla Inc TSLA Elon Musk has again chimed in.

Dogecoin has seen its price rise this weekend as Bitcoin BTC/USD again approached all-time-high levels and Musk suggested that it would be "going to the moon very soon" in a recent tweet.

… going to moon very soon

— Elon Musk (@elonmusk) April 10, 2021

Dogecoin reached a high of $0.078 after a 20% increase from its 24-hour low of $0.0625. The coin is currently priced at $0.071, up 1,379% from this year's low of $0.0048 reported in January.

Like any other altcoin, Dogecoin is operating on the tracks set by Bitcoin and its movement.

As Benzinga reported earlier today, the world's first cryptocurrency approached its all-time high price of over $60,000 amid talk of a supply shortage.

See Also: How to Buy Dogecoin (DOGE)