Why Is Dogecoin Reversing Course, Shooting Up Today?

Dogecoin DOGE/USD traded 5.2% higher over 24 hours at  $0.256 in the early hours of Thursday.

What’s Moving? DOGE was down 15.28% over a seven-day trailing period. 

See Also: How To Buy Dogecoin (DOGE)

Against Bitcoin BTC/USD, DOGE rose 2.35% while against Ethereum ETH/USD it fell 0.38% over 24 hours.

DOGE’s year-to-date gains stood at 4,399% at press time. The meme coin hit an all-time high of $0.74 in early May. 

What’s Moving? On Thursday, major cryptocurrencies traded in the green as the global cryptocurrency market cap rose 4.47% to $2.12 trillion. 

See Also: Has HEX Cryptocurrency Overtaken Cardano And Dogecoin In Market Capitalization?

DOGE did not attract high interest on Twitter at press time as it was mentioned 521 tweets. BTC, Solana SOL/USD, and ETH topped the list of top 10 mentions on the social network, as per Cointrendz data. 

BTC, SOL and ETH were mentioned in 3,299, 1,555, and 1,306 tweets, respectively.

Major coins were seen recovering at press time. This follows $410 billion getting wiped off the crypto market value and $3 billion in long positions liquidated earlier in the week, as per GlobalBlock sales trader Alexandra Clark.

Clark noted that most of the cryptocurrency market slid with BTC, in effect, “demonstrating the relative immaturity of the asset class and the market’s dependency on BTC.”

On the Dogecoin front, the coin’s chart printed a bullish hammer candlestick with a lower wick — an indication of a reversal back to the upside, as per Benzinga’s Melanie Schaffer.

Meanwhile, Dogecoin-bull Mark Cuban wants Coinbase Global Inc COIN to be aggressive in its engagement with the U.S. Securities and Exchange Commission for the greater good of the cryptocurrency industry.

Earlier in the week, Coinbase CEO Brian Armstrong criticized the market regulator for its “sketchy” behavior after the latter threatened to sue the company over a yet-to-be introduced cryptocurrency lending product. 

Read Next: Ethereum's Vitalik Buterin Hopes To See Dogecoin Switch To Proof Of Stake Soon