Why Is Dogecoin Soaring Today?

Dogecoin DOGE/USD is trading nearly 9% higher in the early hours of Wednesday.

What’s Moving? DOGE traded 8.91% higher at $0.18 at press time. The Shiba Inu-themed cryptocurrency is down 6.23% for the week.

See Also: How To Buy Dogecoin (DOGE)

Against larger cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 5.53% and 2.55% higher, respectively. 

DOGE’s year-to-date gains amounted to 3,060.05% as of press time.

Why Is It Moving? DOGE rallied in conjunction with major cryptocurrencies at press time as the global cryptocurrency market capitalization rose 4.64% to $1.25 trillion at press time.

See Also: Bitcoin, Ethereum, Dogecoin Find Stability After Crash As Some Altcoins Manage To Stay In Green

DOGE co-creator Billy Markus dished out advice to cryptocurrency investors on Tuesday and pointed out the pointlessness of arguments on future prices.

if you believe it’ll go up just hold

if you don’t then sell

if you find the need to argue about potential future prices because your beliefs and ego are so frail that the idea of uncertainty is too hard for you to handle, don’t speculate on crypto and erase your Twitter thanks

— Shibetoshi Nakamoto (@BillyM2k) July 21, 2021

In a separate tweet on Tuesday, Markus noted the appreciation of certain stocks and cryptocurrencies over the last five years. He made his point using the example of a $1,000 hypothetical investment made half a decade earlier.

financial advice:
invest in any of these 5 years ago pic.twitter.com/xVPq24gZDy

— Shibetoshi Nakamoto (@BillyM2k) July 21, 2021

Meanwhile, while DOGE has taken a beating in recent days, cryptocurrencies inspired by the meme coin have taken a harder beating, but analysts are divided if they have lost their sheen.

See Also: If You Invested $1,000 In Baby Doge Coin A Month Ago, Here's How Much You Would Have Now