Dogecoin DOGE/USD traded 2.05% higher at $0.245 over 24 hours early morning Thursday.
What’s Moving? The meme coin has declined 3.78% over a seven-day trailing period.
See Also: How To Buy Dogecoin (DOGE)
Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE traded 0.66% and 4.69% lower, respectively.
Since the year began, DOGE has shot up an impressive 4218.28%.
Why Is It Moving? DOGE moved alongside major coins on Thursday as the global cryptocurrency market capitalization rose 3.39% to $2.20 trillion.
DOGE saw moderate interest on Twitter at press time. The cryptocurrency was mentioned in $1,248 tweets, as per Cointrendz data.
The coins that saw the most interest were BTC, ETH, and Cardano ADA/USD, which were mentioned in 6,005, 3,601, and 2,822 tweets, respectively.
As per Cryptoquant, an on-chain analysis firm, a low stable supply ratio, or SSR, is an indicator that stablecoins have more buying power against BTC. The firm noted that SSR is now on the upswing meaning Bitcoin could see further positive price movement.
On the DOGE side, analysis suggests that the Shiba Inu-themed coin may be about to take off as well.
On Wednesday, FXStreet said that DOGE consolidated above the $0.23 support level and is now in for “a massive rally.”
The analysis said before DOGE moves higher, investors can expect a further pullback.
Meanwhile, a battle has erupted over the Dogecoin trademark with the Colorado-based Dogecoin Foundation among half-a-dozen others who have filed a claim with the U.S. Patent and Trademark Office on the brand name.
Other contenders include Moon Rabbit AngoZaibatsu LLC, a Cook Islands-based company whose founder Angel Versetti created a new “dogecoin” on his firm’s blockchain network.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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