Why Is Dogecoin Shooting Up Today?

Dogecoin DOGE/USD traded 6.37% higher at $0.22 over 24 hours leading up to early Thursday morning.

What’s Moving: The Shiba Inu-themed cryptocurrency has fallen 9.3% over a seven-day trailing period.

DOGE traded 2.69% higher against Bitcoin BTC/USD and fell 0.49% against Ethereum ETH/USD over 24 hours.

Since 2021 began, DOGE has risen 3828.08%.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Dogecoin’s early morning price movement on Thursday mirrored that of other major cryptocurrencies as the global cryptocurrency market cap rose 6.32% to $1.97 trillion.

DOGE saw moderate interest on Twitter at press time and was mentioned in 911 tweets, as per Cointrendz data.

BTC, ETH, and Solana saw the most interest and were mentioned in 2,765, 1,396, and 1,118 tweets, respectively.

On Wednesday, the U.S. Federal Reserve maintained its target fed funds rate range but said it might soon begin tapering monthly asset purchases.

The end to ultra-loose monetary policies may impact volatile assets like cryptocurrencies going forward.

On Wednesday, Dogecoin aficionado and Tesla Inc TSLA CEO Elon Musk said it was “super important” for the meme cryptocurrency’s transaction fee to decline to make things like buying movie tickets viable.

Musk’s comments followed a poll held by AMC Entertainment Holdings Inc AMC CEO Adam Aron on his Twitter feed.

Aron said he saw an overwhelming response to the poll. Two-thirds of the respondents voted in favor of AMC accepting DOGE.

As the buzz around Robinhood Markets Inc HOOD and its upcoming DOGE wallets grow, Tyler Winklevoss, the co-founder and CEO of Gemini too attracted attention by tweeting “Dogecoin To The Moon.”

Earlier Winklevoss had said in May that DOGE was the “people’s money” and said that Geminin will provide both trading and custody support for the coin.

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