Why Is Dogecoin Shooting Up Today?

Dogecoin DOGE/USD traded 7.91% higher at $0.27 over 24 hours Wednesday early morning. 

What’s Moving: The Shiba Inu-themed cryptocurrency has soared 38.22% over a seven-day trailing period.

DOGE traded 5.57% and 4.02% higher against Bitcoin BTC/USD and Ethereum ETH/USD respectively.

The meme-coin has skyrocketed 4,608.39% since the year began. DOGE had the fourth-best year-to-date returns among the coins tracked by CoinMarketCap data.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE rose in parallel with other major cryptocurrencies as the global market cap for coins registered a 3.75% increase to $1.91 trillion at press time.

See Also: Why Ethereum And NFT Based Crypto Axie Infinity Is Trading 60% Higher Today

On Wednesday morning, DOGE was the third most mentioned cryptocurrency on Twitter Inc’s TWTR platform behind BTC and ETH.

DOGE also attracted high interest from investors on social media, as per Stocktwits’ data.

Coinbase Global Inc COIN CEO Brian Armstrong said Tuesday at the company’s second-quarter earnings call that the platform was “agnostic” about picking cryptocurrency winners in a reference to DOGE’s listing in the quarter.

Meanwhile, a planned upgrade that would have lowered the DOGE transaction fee will see some delay, as per the cryptocurrency’s co-creator Billy Markus.

As per Benzinga's Melanie Schaffer Dogecoin is 'digging' itself into a bullish pattern.

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