Why Is Dogecoin Moving Higher Today?

Dogecoin DOGE/USD traded 2.36% higher at $0.20 in the early hours of Friday.

What’s Moving? DOGE was down 0.14% over a seven-day trailing period leading up to press time. Against Bitcoin BTC/USD, the Shiba Inu-themed coin fell 4.3% over 24 hours while against Ethereum ETH/USD it slipped 3.1% in the same period.

On a year-to-date basis, DOGE is up about 3,407.74%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Dogecoin primarily traded higher amid market-wide momentum driven by Ethereum and Bitcoin.

In coin-specific news, cryptic tweet by Square Inc SQ and Twitter Inc TWTR CEO Jack Dorsey threw the Dogecoin community into a frenzy on Thursday night.

Dorsey’s post got the attention of meme Twitter handle greg, Tesla Inc TSLA CEO Elon Musk, and Dogecoin co-creator Billy Markus among others.

DOGE was among the most mentioned cryptocurrencies on Twitter at press time, as per data from Cointrendz but it was Ethereum that received the most mentions.

See Also: Ethereum Leads Crypto Market Rally As London Hard Fork Complete, Bitcoin Finds Way Back Above $40K, Dogecoin Muted

Meanwhile, the worries surrounding the infrastructure bill in the Senate, which will be partly financed by widening the tax net on cryptocurrency dissipated to an extent after a bipartisan group of senators moved an amendment to clarify the definition of brokers as per the bill.